Brazil, multiple cities
Bracor has sold a portfolio of 30 warehouse and office properties to Prosperitas for R$2.2 billion (US$1.3 billion)
Brazil, Sao Paulo
PREVI has sold the Hospital Matarazzo office complex to Groupe Allard for R$260 million (US$156 million)
Brazil, Rio de Janeiro
BHG (Brazil Hospitality Group) has acquired the 418-room InterContinental Hotel from Brookfield Properties.
In the Etobicoke submarket, Manulife Financial has purchased an office building for C$49 million (US$50 million) from Redcliff Realty Advisors.
In suburban Mississauga, Orlando Corporation has sold an industrial property for C$43 million (US$44 million) to corporate purchaser Robert Transport.
Demand for prime product in core locations within gateway markets continues unabated, with The Abbey Group selling an office tower, Landmark Center, to JP Morgan for US$530 million.
US, New York
In one of the foremost urban shopping districts in the world, Spanish fashion retailer Inditex has purchased a Fifth Avenue store for US$324 million, or US$8,300 per square foot.
US, New York and San Diego
Host Hotels & Resorts has acquired two assets totalling US$885.5 million.
First & Main, a newly-constructed office tower in downtown Portland, has been sold to public REIT American Assets Trust for US$129 million. The seller was Shorenstein Properties.
US, San Diego
Sunstone Hotel Investors has acquired a 75% interest in the Hilton San Diego Bayfront for a reported US$356.3 million.
BWP Trust has taken over a portfolio of 13 assets, comprising 10 operational warehouses and three potential warehouses sites, for A$241.7 million (US$243 million).
Commonwealth Property Office Fund has sold three office assets to GDI Property Group for A$152 million (US$153 million).
The Fifth Square has been bought by China Minmetals for approximately US$680 million. China Minmetals will use Tower A for its own use and continue to lease the rest of the three-tower complex.
The Swissotel Kunshan, located between Suzhou and Shanghai, has been sold by Kingdom Hotel Investments to Swiss Liberty Sdn Bhd for US$60.5 million. Jones Lang LaSalle advised Kingdom Hotels
The Centre, a 45-storey premium Grade A office building located in the French Concession in Xuhui district, has been sold by APL to China Pacific Insurance Co. Ltd. (CPIC) for RMB 4.4 billion (US$668 million).
International Capital Plaza has been acquired by ARA from CSI Properties for RMB 1.16 billion (US$176 million).
Mitsubishi Estate has acquired Kokusai Shin Akasaka Building (East and West Tower) and an adjacent hotel from Lone Star for ¥85 billion (US$1 billion).
Mitsui Fudosan has purchased Otemachi Pal Building for ¥72 billion (US$879 million).
Nippon Building Fund, Japan’s largest REIT, together with a private Japanese investor has paid ¥60.5 billion (US$738 million) to buy and lease back Mitsubishi Heavy Industries’ headquarters building. The J-REIT will take a 60% stake while the private investor will take the remaining 40%. The acquisition is the largest by a Japanese REIT since April 2010.
Pacific Star has sold the Capital Square building to Alpha Investment Partners’ Macro Trends Fund and NTUC Income for S$889 million (US$696 million) at a capitalisation rate of about 4%.
NTUC Income has acquired a 49% equity stake in Savu Investments, the company which owns 16 Collyer Quay, formerly known as Hitachi Tower. The office tower is estimated to be valued at S$661 million (US$518 million).
CapitaMall Trust (CMT), a Singapore-listed retail REIT, has acquired Iluma Mall for S$295 million (US$231 million) from Jack Investment Pte Ltd.
CDL Hospitality Trusts have purchased Studio M Hotel from Republic Iconic Hotel Pte for US$121.3 million.
South Korea, Seoul
South Korea’s SK Group has bought its headquarters building from Bank of America Corporation’s Merrill Lynch & Co. for about KRW 553 billion (US$495 million) in a joint venture with South Korea’s National Pension Service.
Big C has signed an agreement with Carrefour to acquire its business operations in Thailand for THB 35.5 billion (US$1.2 billion). The acquisition, which includes 42 stores, was completed in early 2011.
Czech Republic, Prague
European Property Investors Special Opportunities (EPISO Fund), a fund co-advised by AEW Europe and Tristan Capital Partners, has entered into a 80:20 joint venture with VGP for a logistics portfolio. The transaction is valued at approximately €300 million (US$410 million) and is the largest industrial property sale to complete in the Czech Republic and ranks among the 15 largest European industrial transactions to have been concluded in the past five years. The portfolio, which is made up of modern semi-industrial logistics complexes concentrated in and around Prague, comprises over 368,000 square metres of completed logistics assets with a further nine buildings totalling 62,000 square metres to be developed. Jones Lang LaSalle advised VGP, the developer and vendor.
Generali and Groupe Crédit Agricole's Predica have acquired the Europe Avenue office complex (located in the Western Crescent) for €450 million (US$617 million) from Beacon Capital Partners. The 65,000 square metre development, completed in 2009, is leased to GDF Suez and IBM.
Strategic Hotels & Resorts has closed on the sale of its leasehold interest in the Paris Marriott Champs-Elysées hotel for €29.2 million (US$41.8 million). As part of the transaction, the company also expects to receive an additional €11.6 million (US$16.6 million) related to the release of the leasehold guarantee and other closing adjustments for total proceeds of €40.8 million (US$58.4 million). Jones Lang LaSalle advised Strategic Hotels & Resorts.
Germany, Ruhr Region
Canada Pension Plan Investment Board has bought a 50% share in Germany’s largest shopping centre, ‘CentrO’, in Oberhausen in the Ruhrgebiet for around €700 million (US$959 million).
US private investor Cerberus has bought a portfolio of 45 Cash & Carry assets from Metro for around €700 million (US$959 million).
Union Investment has bought a 50,000 square metre shopping centre in Neuss from Switzerland’s Unimo AG for €227 million (US$311 million). Formerly a retail park, the scheme is currently being renovated and will reopen as a shopping centre within the next weeks.
Invesco Real Estate (IRE), the global real estate investment manager, has made the first acquisition for its second pan-European hotel fund with a sale and leaseback portfolio of five hotels in Munich, Hamburg, Frankfurt, Vienna and Salzburg for around €170 million (US$233 million).
Real Estate Opportunities (REO) is reported to have agreed the sale of Montevetro - the tallest commercial office building in Dublin - to Google for nearly €100 million (US$137 million). The property comprises 19,500 square metres of prime offices and was completed in January 2011. The deal is one of the largest commercial real estate transactions in Ireland for several years.
Italian fund manager Prelios SGR has announced the sale of the historic Rinascente building in Piazza Duomo for €472 million (US$647 million), representing a gross yield of 4.7%. The 53,000 square metre department store was sold to the Ippocrate investment fund, which is majority-owned by ENPAM (the privatised pension fund for Italian doctors and dentists) and managed by Italian fund manager First Atlantic Real Estate.
Hannover Leasing from Germany has purchased the new Stedin headquarters, known as Blaak 8, for €52.25 million (US$71.5 million). The sustainable property (A+ label) comprises 13,500 square metres of prime offices. Jones Lang LaSalle advised Hannover Leasing.
Poland, Lodz, Torun & Sosnowiec
Pradera has bought a portfolio of three shopping galleries attached to Real hypermarkets in Łódż, Toruń and Sosnowiec for over €40 million (US$55 million). The properties were disposed of by UK-based Carpathian, advised by Jones Lang LaSalle.
Deka Immobilien has bought the 30,000 square metre North Gate office building in Warsaw for €103 million (US$141 million). The building was purchased from two companies in the Austrian Volksbank Group, which developed the building through its development company Premiumred. Jones Lang LaSalle advised the buyer.
Union Investment has signed an agreement to buy the Zebra Tower office and retail building in Warsaw for around €76 million (US$104 million). The purchase of the 18,280 square metre building was carried out on behalf of the group's Immo-Invest Europa fund.
Russia, St Petersburg
US investor, Jenson Group, has acquired a 10,000 square metre Class A office building for US$25 million, reflecting a net initial yield of approximately 10%. The offices are partly let to a Russian gas company and a Russian banking group. This represents the first purchase in two years of a commercial property by an international fund in St. Petersburg. Jones Lang LaSalle acted for the purchaser.
Sweden's Hemfosa has acquired Municipalfastigheter's properties (previously known as Landic VIII) with an underlying property value of SEK 2.2 billion (US$340 million). The portfolio comprises 57 properties located in 42 Swedish cities and mostly let to public sector tenants.
ING Real Estate Investment Management, on behalf of its European Shopping Centre Fund (ESCF), has exchanged and completed on its first acquisition, Tyresö Centrum, for €82 million (US$112 million), reflecting an initial yield of 6.2%. The 28,000 square metre shopping centre is located in Tyresö, 19 km south of Stockholm.
Legal & General has purchased The Rolls Building in Fetter Lane for a price in excess of £300 million (US$480 million). The 25,000 square metre office building was completed in 2010 and is fully let to tenants including HM Courts & Tribunals Service. Jones Lang LaSalle advised Legal & General.
AXA Real Estate Investment Managers has acquired 20 Gresham Street, a 21,700 square metre multi-let office building in the City of London for a price in excess of £230 million (US$369 million). Jones Lang LaSalle advised the vendor, Hermes.
German closed-end fund manager KGAL has acquired 60 Gracechurch Street in the City from Evans Randall for around £115 million (US$184 million) at a yield of approximately 5.4%. The 12,000 square metre building is predominantly let to Allianz.
US insurance company, WR Berkley Corporation, has purchased 33 Grosvenor Place, a 17,800 square metre office building, for a price in the region of £160 million (US$256 million). This represents its first property investment in the UK. Jones Lang LaSalle advised the vendor, Beacon Capital Partners.
TIAA-CREF, the investment management arm of the Teachers Insurance and Annuity Association of America, has bought a 50% share of Belgrave House in Victoria, Google’s London headquarters, for a reported £108 million (US$173 million).
Capital Shopping Centres has acquired The Trafford Centre, an approximately 140,000 square metre regional shopping centre, from Peel Holdings for £1.6 billion (US$2.6 billion)