Big pension funds, insurers and major asset managers intensified their investment activity in the week before Expo, with well over €2 bn of real estate changing hands.
The Nordic region together with Germany saw the bulk of investment activity, led by Catena’s massive €442 mln sale-and-leaseback of a logistics portfolio with landlord DSV and HIH Invest Real Estate’s €630 mln acquisition of a portfolio of 14 living assets for a new fund.
Also in Germany, Civitas entered the country with the €300 mln acquisition of 26 elderly care and assisted living homes, while in Stockholm private equity investor NREP picked up the Clarion hotel for its fund V, a €3.65 bn value-add fund. The 532-room asset is located next to the Skanstull metro station.
A string of new assets were also put on the market. Advisor Savills was recruited by Schroders REIM to divest Wenlock Works in London for £104 mln or a net initial yield of 7.5% and is also managing the sale of the Relay Building on behalf of FRP. In Scotland Savills is marketing the East Kilbride shopping centre after the mall went into administration two years ago.
In Italy, Bain Capital Credit launched the sale of Natissa sgr, an asset manager with roughly €400 mln of assets, while in Denmark Colliers is seeking a buyer for the Royal Arena Copenhagen in a process due to close by December 10.
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