Valad buys Crystal portfolio
Valad Europe has acquired the 444,000 sq ft Crystal portfolio comprising two offices and two light industrial buildings in France for €33.8m (£26.4m) – a 9% yield. The purchase was made on behalf of the Valad European Diversified Fund.
AEW shops in Madrid
AEW Europe has bought an 81,268 sq ft office-led property in Madrid, 240 Serrano, for around €26m (£20.3m) on behalf of its Europe Value Investors Fund. The 83%-let office was bought from Continental Property Investment and is the fund’s second purchase in Madrid this year, bringing its total value of assets to around £336.6m. Savills acted for AEW.
Swedish assets sell for €450m
Swedish property company Sveafastigheter has sold a portfolio of 97 assets valued at €450m (£352m) to Partners Group. The 3.8m sq ft portfolio includes shops, hotels and offices and accounts for the majority of the Sveafastigheter Fund II. It is the second deal the company has completed with Partners Group in six months. Leimdörfer and Roschier acted for Sveafastigheter; Wistrand and PwC acted for Partners Group.
Grosvenor in Aussie link-up
Investor and asset manager Propertylink has teamed up with Grosvenor to launch a office fund in Australia, the Propertylink Office Partnership 3. Grosvenor has committed A$40m (£20m) of equity, and the fund has paid Blackstone A$94m for four offices in Sydney covering 220,000 sq ft.
JV buys New York resi tower
Slate Property Group and GreenOak Real Estate have bought RiverTower, in Sutton Place, New York City, for $390m (£275m) from Equity Residential. The 38-storey residential tower has 311 flats, and is one of the area’s largest residential properties. CBRE acted for Equity Residential.
