Weekly data sheet: Assets for sale pipeline suggests some vendors are forming views on pricing

Investors are reviving sales first attempted a year ago as pricing discovery for many assets remains a work in progress.

Among eight investments tracked that are up for sale, Blackstone and Westbrook are testing the market again with offices that failed to sell at the last attempt, in Amsterdam and London respectively.

The largest potential transaction on the block is Project Blue, a pan-European portfolio of offices owned by Amundi. Reports say the French asset manager is seeking up to €2.5 bn for the 10 properties.

Several hotels also came to the market including Paris’s luxury Mandarin Oriental.

Buyers and lenders favoured the living and logistics sectors this week. There were two £100 mln-plus student housing transactions and the largest logistics portfolio sale so far this year.

KKR forward funded an 819-bed student housing scheme in Bristol for its European Core Plus Fund, saying that 'the student housing market has compelling and resilient fundamentals and this property benefits from a long-term lease, making it a good fit for our Core Plus Real Estate strategy.’ KKR also bought a large Finnish residential portfolio, but the price was not released.

Blackstone’s iQ closed a transaction to acquire a 1,209-bed PBSA development put together by Topland close to Warwick University.

The €197 mln logistics portfolio sale was by VGP to one of its own joint ventures, with Pimco.

Panattoni and GLP each raised more secured bank finance, Panattoni from local bank BGK for three Polish warehouses in its CEE logistics development programme, while Deutsche Hypo wrote its first cross border loan for GLP. Both investors have been active financing some of their logistics assets in the private bank market this year. Meanwhile two more developers landed finance for UK regional residential projects.

We also track three fund managers raising new capital including Nordic leader NREP’s record equity raise of €3.65 bn for its fifth value add fund.

Click here to access all the data.

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