Industry News

An affiliate of Lone Star Value-Add Fund II has inked a deal with the Bervoets family to buy the company Hotel Métropole, whose main asset is the Métropole Hotel in Brussels. Financial details were not disclosed. Lone Star said it would partner with Centaurus Hospitality Management to launch a major renovation of the historic 250-room hotel, with a view to reopen it in the fourth quarter of 2025. 'The acquisition of the Métropole, the capital’s historic hotel, by Lone Star...

Real Estate has acquired the Milestone 5c office development in the centre of Freiburg from the project's developer, Strabag Real Estate. The property is a six-storey office building with an additional recessed storey and a single-level underground car park to be constructed on Heinrich-vonStephan-Strasse in direct proximity to the central railway station of Freiburg. The scheme, with a gross lettable area of 7,711 square meteres, is scheduled to be completed by the second quarter of 2023. The basement will include...

Union Investment is expanding its partnership with Staycity. The Irish aparthotel operator is set to create long-stay residential units in the YVIE mixed-use project currently under construction by Union Investment in the fast-growing district of Overhoeks, North Amsterdam. From May 2024, Staycity will operate 120 rooms across a total of some 7,000 square meteres on floors 3–10 of the 31-storey residential tower, one of the two buildings that make up the YVIE ensemble. The other floors of the residential tower...

Hines, a global real estate investment, development, and property manager, in response to continued demand from global occupiers, continues to grow its logistics development presence in the UK and Europe via the expansion of its joint venture with Clowes, the UK property investor and developer, to develop a total of 1.15 million square feet (107,000 square metres) of modern, leading-edge logistics space across the East Midlands in England. The expanded joint venture will fund the development of state-of-the-art warehousing across...

AM alpha, a global real-estate investment family firm, is to convert the iconic Rylands building on the corner of Market Street and High Street in Manchester into a mixed-use development comprising retail, leisure and office space. The Grade II listed building in Manchester city centre, which formerly housed the Debenhams department store, will undergo extensive modernisation. The complete refurbishment will include fully redeveloping the existing building, converting the upper floors into high-quality office space and creating a shopping arcade on...

Schroders Capital has set up an impact investment vehicle to invest in real estate projects in deprived areas in the UK. The manager said the newly launched UK Real Estate Impact Fund, is a “place-based impact investment strategy focused on delivering positive social impact outcomes” across the UK. “The fund will predominantly invest to bring forward affordable homes, workplaces and mixed-use town centre re-purposing projects with the specific objective to address social deprivation and inequality as well as delivering a...

A European logistics fund managed by Savills Investment Management has added a newly constructed asset in Germany to its portfolio. Savills IM said the European Logistics Fund 3 (ELF 3) fund has acquired the fully-let logistics complex in Verden, Lower Saxony from Panattoni for an undisclosed amount. The asset comprises 59,000 square meters of warehouse space, 3,700 square meters offices and 4,000 square meters of mezzanine spaces. The international real estate investment manager said ELF 3’s portfolio now comprises 16...

Generali Real Estate has completed the acquisition of an historic office and residential building in Berlin, Französische Strasse 53-55, on behalf of a real estate fund managed by Generali Real Estate S.p.A Società di gestione del risparmio. The seller of the asset is Real I.S. on behalf of the special real estate AIF "Real I.S. BGV V". The asset is a fully let historic building in the prestigious Französische Straße, in the middle of Berlin's central business district around Friedrichstraße...

Macquarie Asset Management has acquired an office building in central Milan for approximately €119 million through an Italian real estate fund. The investment was on behalf of a managed account. The historic property in the Porta Romana district spans 20,600 square meters and was previously owned by All Star, a fund managed by Kryalos SGR and sponsored by funds managed by Blackstone. Built in the early 1900s it was fully renovated in 2020 to incorporate modern design and sustainability standards...