Weekly data sheet: A week of mega deals

Three €500m+ transactions were announced this week in different sectors and markets, with most of the capital coming from foreign, deep-pocketed investors.

In the largest deal of the week, Singapore’s sovereign wealth fund GIC entered into a strategic partnership with Mediterranean luxury beach resort group Sani/Ikos and took a “leading” shareholding in the business alongside SIG’s management team in a deal valued at €2.3 bn.

In the office sector, Australian investor Lendlease exchanged contracts to acquire 21 Moorfields in London’s financial district from UK REIT Landsec. The price of £809 mln (€925 mln) reflected a 9% discount on the March 2022 valuation of the development asset. 21 Moorfields is a 568,500 ft2 London office development fully pre-let to Deutsche Bank on a 25 year lease.

Strikingly, the UK retail sector also saw a major deal with LXi REIT sealing the £500 mln acquisition of a grocery store portfolio from Sainsbury’s at a net yield of 5%.

In the fund raising market, PropertyEU broke news of Italian asset manager Dea Capital Real Estate Sgr launching its first pan-European fund for institutional investors targeting an equity volume of up to €500 mln.

Named Dea Capital Real Estate Investment Fund I, the Luxembourg-based vehicle will invest across the main European markets in office properties and, to a smaller extent, in hospitality and retail assets.

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