Xior Student Housing (“Xior”) is the first Belgian public regulated real estate company (“B-REIT”) with a specific focus on student housing in Belgium and the Netherlands. Xior succesfully refinanced its historic real estate portfolio and a series of additional real estate acquisitions on 11 December 2015 by way of a combination of 87.8 million euro IPO proceeds complemented by 72.7 million euro bank financing.
Aligera Fastigheter has signed an agreement to purchase properties through a company transfer to an agreed property value of SEK 185 million. The seller is Balder and access takes place in January 2016.
The properties are located in Skara and Töreboda. In total there are 26 properties and a total leasable area of approximately 21 000 square meters of residential space and 2 500 square meters of commercial space.
The Dentons Real Estate team has advised developer Bielsko Business Center 3 Sp. z o.o. on the sale of Sfera Shopping Centre in Bielsko-Biala, the Silesia Region, to CBRE Global Investors. CBRE Global Investors has completed the acquisition on behalf of its European Shopping Centre Fund II.
The Sfera Shopping Centre offers approx. 61,000 sq.m., of retail space across two malls with 230 retail units, 23 restaurants and cafes, a cinema, hotel and apartment complex. Arranged over three floors, it has an occupancy rate of 97.2 percent with an attractive tenant mix.
Noerr has advised DIC Asset AG on a portfolio transaction. A team of Noerr’s Real Estate Investment Group (REIG) led by the partners Professor Alexander Goepfert and Dr Alexander Jänecke assisted the real estate company in the sale of office properties in Berlin and Hannover to funds managed by J.P. Morgan Asset Management. The properties have office space totalling ca. 44,000 square metres.
The Finnish Supreme Court issued a ruling on 18 November 2015 regarding the set-off of a building contract receivable in contractor’s bankruptcy. In 2010, a mutual real estate company (MREC), represented by Borenius, and a contractor signed a building contract under which the parties agreed that the widely used General Conditions for Building Contracts (YSE 1998) were to be applied to the contract. However, after the construction work was started, the contractor neglected to follow the construction schedule as a result of which the MREC terminated the building contract.
European Real Estate Investment Trust Limited (EREIT) has sold the last remaining German property from its portfolio. King & Wood Mallesons’ (KWM) Real Estate team advised EREIT on this transaction.
Located on the main shopping high street in Kaiserslautern, this real estate property, measuring approximately 11.300 m², is rented out to the international retailers Peek & Cloppenburg, H&M and Ernsting's Family.
The seller of the property was Aviva Investors Real Estate France on behalf of the Aviva France group.
Noerr has again advised Activum SG on a transaction in the German market. Through the holding company Formart Holding B.V., the European real estate fund manager Activum SG has acquired the share majority of the Leipzig-based residential project developer GRK-Holding GmbH.
Shoosmiths has provided real estate advice to McKay Securities PLC on the freehold sale of two adjoining buildings on Blackfriars Road, London, SE1 for £21.5 million.
McKay is the only Real Estate Investment Trust (REIT) specialising entirely in office and industrial markets in the South East and London.
Today the UK Supreme Court handed down its much anticipated judgment in the case of Marks and Spencer plc v BNP Paribas Securities Services Trust Company (Jersey) Limited (and another) and ruled unanimously for the landlords.
King & Wood Mallesons is advising DEXUS Property Group in connection with their proposed merger with Investa Office Fund via an informal trust scheme.
DEXUS, Australia's biggest listed office landlord, has offered 0.424 of its securities and approximately 82c in cash for each IOF security, implying an offer of $4.11 per security.
The KWM team is led by partner Susan Hilliard, supported by senior associates Daniel Natale, Amanda Isouard and Miriam Kleiner.