Vehicles

French SCPI Iroko Zen has acquired a warehouse in Leon, Northern Spain, from abrdn European logistics income (ASLI) for €18.5 million. ASLI said that the price achieved was 3% above the asset's 31 December 2022 book value. The 32,645 metres squarred warehouse in Leon is located in the Villadangos industrial area. ASLI acquired the asset in 2018 for €15.3 million with the sale reflecting a crystalised 20% gross profit. It is currently leased to Decathlon with a weighted average unexpired lease term (WAULT) of 6 years.

Global investment manager GLP and Italian asset manager Kryalos Sgr have acquired land in Filago, province of Bergamo, from Domo Media, for the development of a 50,000 metres squarred logistics property. The acquisition was conducted through the Achilles Fund, a development fund fully subscribed by GLP and managed by Kryalos Sgr. The location is strategic to easily reach the strategically important areas of northeastern Italy, also thanks to the proximity of the A4 highway.

The turnkey contract was secured in May 2021 by Catella AM Iberia on behalf of the Sarasin Sustainable Properties - European Cities Fund, fund managed by Catella Real Estate AG. The building, already operational, is located in Ensanche de Vallecas (Madrid) and is managed by Catella AM Iberia, which has a portfolio in Spain of more than 2,300 properties in Madrid, Barcelona, Valencia, Seville, Pamplona and Vitoria.

Stoneweg Hospitality, the hotel investment arm of global real estate company Stoneweg, has acquired two hotels in Spain from Globalia Business Corporation, the Spanish tourism group, for €83 million. The investments have been made through a variety of Stoneweg’s discretionary funds.

ARE Austrian Real Estate has acquired the InnoPlaza office property in Vienna from BNP Paribas REIM Germany acting on behalf of its NEIF II fund The value of the deal was not disclosed by the two parties but is said to be around the €70 million mark. Built in 2019, the LEED Platinum certified office complex is located on Lehrbachgasse, in the Wienerberg business district, and offers 18,200 metres squarred of Class A office space. Currently leased to several large companies and two public sectgor tenants, the property has an average remaining lease term of nearly seven years.

Legal & General Investment Management (‘LGIM’), the largest UK-based asset manager and NTR, a leading renewable energy specialist, have successfully raised €390 million in committed capital and co-investment opportunity in the first close of the L&G NTR Clean Power (Europe) Fund (the ‘Fund’).

Savills Investment Management has entered into an agreement to acquire six fully let residential assets in Sweden for c. €100 million for its European Living platform. The seller of the assets was the Swedish listed developer and property company K2A Knaust & Andersson Fastigheter AB, and the deal was sourced off market. 

M&G Real Estate, part of M&G plc’s £76.7 billion Private & Alternative Assets business, has acquired 67 social housing apartments in Blackrock, Dublin, for €31.3 million. The deal, which was made by the M&G European Secured Property Income Fund (the Fund), increases exposure to the residential sector and offers investors long dated, inflation-linked cash flows secured by local council-backed income.

Commerz Real is making further progress with the expansion of the European portfolio for its Klimavest impact fund with the purchase of a new wind farm in Finland. The asset has an installed capacity of 39.9 megawatts and is being sold as a turnkey plant by the company Energiequelle. This is already the second successful transaction with the international project developer, whose track record encompasses a project volume of more than 1,500 megawatts.

The Italian investor is said to have sealed the acquisition of Munich’s Pep shopping centre while announcing the sale of 50% of City landmark, One Fen Court.

Generali has not confirmed the acquisition prices but the two transactions are said to total approximately €800 million. The group, in a JV with Cura, has been the front-runner to buy the 60,000 metres squarred Munich mall from Nuveen for some months and received the green light for the transaction from the EU commission in December.