See our choice of notable commercial real estate deals in Europe this week. They include the acquisition of the largest Holiday Inn in France and the mixed-use Clarges London property.
Largest Holiday Inn in France
Location: Holiday Inn Paris Porte de Clichy
Sector: Hotels and resorts
Buyer: JV by Catella Hospitality Europe and Extendam
Seller: Swiss family office
Price: Undisclosed, but “at a significant discount compared to Pre-Covid prices”
Quote: The managing partners at Catella Hospitality Europe, say, “The team of Catella Hospitality Europe is thrilled to begin working on the repositioning of such iconic asset in order to capture the full upside associated with the market recovery and Paris outstanding outlook in the years to come.”
Source: https://www.catella.com/en/newsroom/news-and-pressreleases/press-releases/2020/extendam-and-catella-hospitality-europe-acquire-the-largest-holiday-inn-in-france
Clarges London, UK
Location: Mayfair, West End
Sector: Mixed-use
Buyer: Deka Immobilien
Seller: British Land
Price: £177 million
Quote: “Clarges Mayfair consists of a high-quality office property with a restaurant and two neighbouring retail units. With this investment, the WestInvest InterSelect fund management secures the rare opportunity to acquire a top property in an outstanding location.“
Source: https://www.deka.de/deka-gruppe/media–research/aktuelle-medienmitteilungen/pressearchiv/2020-1-1/november/deka-immobilien-investiert-im-londoner-west-end-
New Schönefeld Airpark logistics park
Location: Berlin, Germany
Sector: Logistics
Buyer: CBRE Global Investors
Seller: PATRIZIA
Price: Undisclosed
Quote: Stuart Reid, Managing Director of Real Estate Development at PATRIZIA, says “Together with our development partner we have created a significant Grade A logistics hub that has validated our conviction for a speculative development in an area that now benefits from the opening of Berlin’s new airport.”
Source: https://www.patrizia.ag/en/detail/press-releases/patrizia-sells-newly-developed-logistics-park-in-berlin/
20,918-sqm Dutch warehouse
Location: Eindhoven Airport
Sector: Logistics
Buyer: PGIM Real Estate
Seller: Undisclosed
Price: Undisclosed
Quote: Thomas Kallenbrunnen, senior portfolio manager for PGIM Real Estate’s core European strategy, says, “After our European core strategy’s first acquisition in the UK last month, we are extremely pleased to follow up with our first purchase in the Netherlands. Logistics is a key sector for the Dutch economy and has been a key long-term focus for our European core strategy.”
Source: https://www.pgim.com/real-estate/press-release/pgim-real-estates-european-core-strategy-makes-its-first-netherlands-acquisition
