pbb finances Frankfurt towers
Deutsche Pfandbriefbank has provided €150m (£117m) in finance for two towers in Frankfurt. RFR Group will use the funds to redevelop the Hochhaus am Park high-rise buildings into 100 flats covering 147,400 sq ft in one tower and a 140-room, five-star hotel in the second tower.
Icade sells Lyon office scheme
French listed property firm Icade has sold the Oxaya office project in Lyon to AEW Europe’s SCPI Fructifonds Immobilier investment fund for an undisclosed sum. Work on the 77,000 sq ft office block will begin later this year, and is scheduled to complete in 2018.
LA overtakes London in sales
Los Angeles is set to overtake London as the second most active city by real estate sales in Q1, according to a ranking compiled by international data firm Real Capital Analytics. Los Angeles reported just over $7bn (£5bn) of sales in the three-month period, compared with $6.4bn in London.
KGAL buys Budapest office
Europa Capital and ConvergenCE have sold Eiffel Square in Budapest to German institutional investor KGAL. The 253,000 sq ft office building, located opposite the Nyugati railway station, is multilet to occupiers including BNP Paribas and Medicover. CBRE represented the sellers.
Dubai resi rents down 1.3%
Residential rents in Dubai dropped by 1.3% in May, the biggest dip since the market’s peak two years ago, according to research by Phidar Advisory. The decline reflects a delayed response to the fall in oil prices, which has prompted firms to cut their workforce.
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