Here is a round-up of of European commercial real estate deals for 3 September 2019.
Hotels near Disneyland, Paris set to be sold for over €100m
FRANCE
An agreement has been reached to sell two hotels near Disneyland® Paris for more than €100 million.
Warimpex Finanz- und Beteiligungs AG says it intends to sell the Vienna House Dream Castle and Vienna House Magic Circus hotels.
An agreement over the financial aspects has already been reached with an international investor. But the sale is subject to the standard prerequisites, including a positive outcome of the employee consultation process.
The closing is expected to take place before the end of the year.
The Vienna House Dream Castle opened in 2003 and Vienna House Magic Circus hotel in 2007. They were jointly built by Warimpex and UBM Development AG.
Together, the two four-star hotels near Disneyland® Paris have nearly 800 rooms and more than 1,200 square meters of conference space.
The two joint venture partners Warimpex and UBM, each own a 50% stake.
Warimpex CEO Franz Jurkowitsch, says, “We are very satisfied with the progress in the sales process for the two hotels, which we developed together with UBM some 15 years ago. Both hotels have enjoyed very positive development recently, so now is the right time to sell our shares. In line with our business strategy, we will use the sales proceeds to push ahead with current development projects and to acquire cash flow-generating assets.”
The Vienna House Dream Castle hotel is surrounded by a beautiful French garden. Vienna House Dream Castle offers 397 rooms and suites and spacious facilities for events and conferences.
Vienna House Magic Circus hotel was renamed, and renovated in 2018/19. The hotel features country estate designs and has a charming garden with its own lake. It offers 396 rooms and suites for guests along with eight conference rooms for business events and seminars.
Offices in Bochum sold for €6.7 million
GERMANY
Sirius Real Estate has completed the acquisition of an office building. The company the leading operator of branded business parks providing conventional space and flexible workspace in Germany,
It adjoins its Bochum Business Park, in Bochum, in the Ruhr region of Germany.
The property was bought for €6.7 million including acquisition costs, reflecting an EPRA net initial yield of 5.5%.
The acquisition, notarised in July 2019, was settled in cash and funded using proceeds from recent asset recycling activity. The vendor was Häusser-Bau GmbH.
The property, constructed in 1970, provides 4,200 sqm of letable space (81% office space, 15% storage and 4% service space) and 71 parking spaces on a total plot size of around 3,300 sqm.
It is 100% let, producing an annual total income of circa €428,000 and annual net operating income of €370,000, reflecting a weighted average rent of €8.00 per/sqm with a remaining WALT of 2.2 years. The principal tenant is ThyssenKrupp Bilstein, a subsidiary of the ThyssenKrupp conglomerate which designs and manufactures shock absorbers.
The property is by the company’s 56,000 sqm Bochum Business Park, which was acquired for €25.7 million in March 2019, together creating a combined value of more than €32 million. As a result, the Company benefits from a wider range of asset management options and operational synergies.
Bochum, mid-way between Dortmund and Essen, in North Rhine-Westphalia, the third-largest urban area in the European Union. The property is well situated in Bochum-Hofstede, north of the city centre and within walking distance of a U-Bahn with easy access to the A40 and A43 motorways.
Andrew Coombs, Chief Executive Officer of Sirius Real Estate, says,”Acquiring this property was a logical next step following the success we have had with the Bochum Business Park since its acquisition in March this year.”
Source: https://www.sirius-real-estate.com/news/news/
Shopping centre purchased for pension fund
THE NETHERLANDS
The Kerkelanden shopping centre in Hilversum has been bought from DELA Vastgoed by Syntrus Achmea Real Estate & Finance.
The 65 apartments above the stores are part of the transaction for a Dutch pension fund, which is one of Syntrus Achmea’s clients.
Kerkelanden is fully let with 27 units in the 9,700 square meter retail area. The main tenants are Albert Heijn XL and Lidl.
The centre was renovated in 2015, with around 2,300 square meters added. In 2017, Kerkelanden won the Nederlandse Raad Winkelcentra (NRW) annual prize.
Syntrus Achmea last month purchased the Westerkoog shopping centre in Koog aan de Zaan from DELA Vastgoed for the Achmea Dutch Retail Property Fund.
Westerkoog is smaller at around 5,000 square meters with 19 tenants, including the Deen and DekaMarkt supermarkets. Both Kerkelanden and Westerkoog have a dominant position within the catchment area.
Boris van der Gijp, Director of Commercial Real Estate for Syntrus Achmea, says, “We are very positive about food-dominated shopping centres. This segment of the retail market is less sensitive to the economic climate, so that institutional investors have the prospect of a very stable direct return. We are very happy with these acquisitions. “
Syntrus Achmea was advised by Retail Capital, CVO Group and Nauta Dutilh. DELA Vastgoed was advised by JLL, Colliers and Houthoff.
Source: https://www.syntrus.nl/nieuws/syntrus-achmea-koopt-winkelcentrum-kerkelanden-van-dela-vastgoed
Office and retail space fetches around €230m
AUSTRIA
Around 38,000 square meters of office and retail space in Vienna, Austria, has been acquired by Eastern Property Holdings (EPH) Limited.
It has agreed to buy 100% of ownership interest in the currently under construction office and retail complexes QBC 1 & 2 as well as the parking garage QBC 7 at Am Belvedere 10, 1100.
The properties are next to the QBC 4 property, the BDO Headquarters, acquired by the EPH in March 2019.
The closing of the transaction will occur after finalization of construction and is expected for Q1 2021 also subject to various other customary closing conditions.
The QBC 1&2 office properties with over 38,000 square meters of gross leasable space and an underground garage with around 580 freehold parking spaces are sold by UBM Development AG and its joint venture partner S IMMO AG.
The construction shall be finalized by the end of 2020. Already, around 60% of the office and commercial space have been either taken or are under negotiation to well-known names including CBRE, Grant Thornton Austria and the well-known German restaurant chain Hans im Glueck.
Eastern Property Holdings and its Board of Directors believe now is the right time to add more real estate investments in stable Western European markets.
The company, which has its HQ in Switzerland, aims to focus on premium quality, state-of-the-art income producing commercial property in Europe.
Austria remains one of the most stable and safe real estate markets in Europe. It benefits from its growing strong economy, low unemployment, with Vienna being the key market for investments, says EPH.
Following the first successful investment in the QBC area in Vienna, EPH is convinced of the long-term sustainable performance of the properties in Quartier Belvedere and the attractiveness of the capital value per square meter.
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