BELGIUM
Investcorp, a leading global provider and manager of alternative investment products, has bought the Coca-Cola HQ in Belgium.
Its European Real Estate business has entered the Belgium market through the acquisition of The Bridge, a single let office and Research & Development (R&D) asset located in Brussels.
Investcorp has acquired 100% of the property from a wholly-owned subsidiary of The Coca-Cola Company for €88 million through a sale and 10-year leaseback transaction.
Coca-Cola HQ is Investcorp’s first sale and leaseback in Europe
The property serves as The Coca-Cola Company’s Belgian headquarters, housing its marketing and R&D functions. Upon completion, the property will be 100% occupied by Coca-Cola and several of its existing sub-tenants. The acquisition is Investcorp’s first sale and leaseback real estate transaction in Europe.
Located in southwest Brussels, The Bridge offers convenient access to major European cities, including Paris and London via train.
Built in 2001, the property is comprised of three interconnected buildings which provide 35,300 square meters of office and R&D space. The local area is also set to benefit from the Belgian Government’s new “Canal Plan,” which is the largest urban development plan in the Brussels region, comprised of a new mixed neighborhood of commercial and residential properties.
The purchase of The Bridge follows Investcorp’s recent acquisitions of a multi-let office complex in Munich, Germany, for €73 million and the acquisition of a grade A office property in Rotterdam, the Netherlands, €50 million.
Yusef Al Yusef, Head of Gulf Institutional Clients Group at Investcorp, says, “Our latest acquisition is in line with our recent focus on expanding our real estate portfolio across the Benelux region, which we believe is poised to benefit from solid economic and underlying property fundamentals. The Benelux region has growing and active real estate markets and is currently experiencing high levels of demand for office assets. We are excited to enter the Belgian market and grow our total European real estate platform to approximately €750 million in AUM.”Source: https://www.investcorp.com/investcorp-acquires-coca-cola-belgium-hq-for-e88-million/
€85m invested in 368-bed student accommodation project
DUBLIN
Round Hill Capital, a leading global real estate investment, development and asset management firm, has acquired a 368-bed student accommodation development in Dublin.
The development is in The Liberties area of Dublin 8. The site was purchased from Summix, an urban mixed-use regeneration project specialist, with whom Round Hill Capital plans to partner on additional student accommodation developments in Ireland.
The development, on the former Brewery Block site adjacent to Newmarket Square, will preserve protected structures and celebrate the heritage of the surrounding location.
The new Henry J Lyons-designed building will integrate a five-storey red brick tower and the façade of the now derelict warehouses that currently occupy part of the site. The project has a gross development value of €85 million.
Construction of the new development will commence in July 2020 following the completion of demolition works. It will take two years, ready for occupation in September 2022 and in time for the 2022/23 academic year.
Much-needed student accommodation
The project will deliver much-needed student accommodation into a market where the Higher Education Authority estimated in 2015 that over 11,000 new student beds were needed by 2024.
The development is exceptionally well-located for access and transport links to third-level colleges, including Trinity College Dublin (TCD), University College Dublin (UCD) and Technological University Dublin (TUI). It will provide residents with high-quality services and amenities, including 24-hour security, 200Mbps Wi-Fi, 24/7 gym, a cinema room, bike storage, study areas, year-round events programmes and significant new landscaped outdoor spaces.
Nido Student, an established operational platform and brand for European student accommodation, will manage the development. Nido provides a home, lifestyle and experience which supports students’ success and helps to build a real community.
This is Round Hill Capital’s third student accommodation investment in Ireland, following the acquisition of a 145-bed development on Farranlea Road in Cork in December 2018 which was delivered in a strategic planning partnership with Summix. Round Hill Capital has also invested in the Bridgefield 216-unit development in Santry, Dublin 9. The firm currently has under development over 7,000 apartments and student accommodation beds in the UK, Spain, Portugal, Sweden, the Netherlands and Ireland.
Round Hill Capital established its Irish office in 2018 and has significant capital to deploy into its strong and growing pipeline of investment opportunities in the local build-to-rent and purpose-built student accommodation sectors in Ireland and across Europe.
Track record of investment
Michael Bickford, founder and CEO at Round Hill Capital, says, “Round Hill Capital has an 18-year track record of successfully investing in, developing and operating residential and student accommodation assets across Europe and we are pleased to have acquired this prime 368-bed purpose-built student accommodation development project in Dublin, Ireland, which is well-located within the Newmarket regeneration area.
“We recognise that areas of the student and residential housing markets in Ireland suffer from persisting structural supply constraints and we look forward to helping alleviate these pressures and significantly further expanding Round Hill Capital’s business in Ireland and across Europe.”
Niamh O’Connor, Partner at Summix, says, “We are delighted to partner with Round Hill Capital once more in addressing the undersupply of quality purpose-built student accommodation in Ireland whilst breathing new life into this iconic part of Dublin. We look forward to building on our successful track record in the region with our existing projects in Galway and our active pipeline of new opportunities across Ireland.”
Historic Aigle Noir hotel sold
FRANCE
The Atypio Hotels Resorts Group and Eternam have aquired the Aigle Noir hotel in Fontainebleau, near Paris.
The prestigious four-star hotel that represents the Black Eagle de Fontainebleau, is in Seine et Marne – 77, around 50-minutes from Paris.
Eternam Société de Gestion immobilière is a subsidiary of the Cyrus Group.
The hotel was build as a mansion in 1500 and has been a hotel from 1764. Located in the heart of the city, opposite the Château de Fontainebleau (World Heritage of UNESCO ) the l’Aigle Noir hotel enjoys an exceptional location.
The Atypio Hotels – Resorts Group is focusing its investments on hotels with their own identity signature and making it possible to illustrate the Made in France as best as possible, favouring quality over quantity.
Its development criteria are therefore based on: the possible acquisition WALLS and FUND for TRADE, destinations France, lodging facilities, close to the spa, offering a minimum of 60 rooms, respecting the positioning and values of the hotel group.
In this operation led by the Atypio Hotels – Resorts Group (Etienne Faguer, Jérôme Schibler and François-Xavier Bertin), and Eternam (José Zaraya, Jonathan Donio, David Aubin and Frédéric Maxwell), the investors were advised by Herbert Smith Freehills to the legal part (David Lacaze and Isabelle Augais) and Scotto Partners for tax structuring (Jérôme Commerçon and Xavier Colard).
Atypio co-invests and operates hotels on its own behalf or on behalf of its partners and investors.
Eternam, a 100 % subsidiary of the Cyrus group, supports private clients in the implementation of their real estate strategy and the structuring of their assets.
Consorto.com currently has commercial property listings totalling more than €10.4b.
