Tapping into the demand for new prime product in mature markets was a key theme in the European investment market in July. The largest office transaction recorded by PropertyEU Research in the period involved Canary Wharf Group linking up with Qatari Diar to redevelop the Shell Centre on London’s South Bank - one of the most sought-after development sites in the UK capital. The pair are paying EUR 171 mln each to the joint venture that will redevelop the 21,000 m2 site.
Separately, Max Property - listed in 2009 by savvy UK entrepreneur Nick Leslau - bought St Katherine’s Docks in London to redevelop the centrally located marina. Over in Paris, Deka acquired the Vienne Rocher scheme completed last year and ING REIM led a club of three French institutional players to buy the 64,300 m2 River Ouest office complex.
Big-ticket investors in search of prime retail assets targeted the hot spots on the Continent rather than the UK. A joint venture of fund manager Rockspring and German mall developer ECE acquired Olympia Brno, the largest regional shopping centre in the Czech Republic, while a pension consortium led by Grosvenor Fund Management rounded off the French part of a two-stage acquisition from Unibail-Rodamco.
A comprehensive analysis of the largest investors and major individual deals in H1 appears in the September edition of PropertyEU. Click on the link below to subscribe.