Weekly data sheet: Union, Hines and Blackstone end large-scale office transaction drought

The lack of big office investment deals seen in Q1 2021 ended this week when Blackstone sold the MediaWorks complex in Munich, to Union Investment and Hines for €650 mln.

It was an off-market deal, which continues to be where there is most activity, especially as the third wave of the pandemic in Europe is delaying many tender processes.

Against this backdrop, Colliers said, the €51 bn traded in Europe in Q1 shows how positive sentiment is for property. Though it is 35% down on Q1 2020, the firm points out that Q1 2020 was an exceptional three months and the second highest first quarter figure in the last 10 years.

Funds launched or raised capital for: European value add, Greek real estate, logistics, and healthcare. BentallGreenOak’s €1.48 bn Fund III is the ninth fund logged by PropertyEU so far this year with a value-add strategy.

Two hotels were financed in separate transactions, both by smaller, specialist non-bank lenders.

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