Ivanhoé sell Paris offices
Ivanhoé Cambridge has sold two Paris offices covering 1.3m sq ft to Gecina for €1.2bn (£920m). The deal includes the 953,700 sq ft HQ of ENGIE Group at Tours T1 & B in the La Défense business district and the 361,700 sq ft HQ of PSA Group at 75 Avenue de la Grande Armée.
Livingstones plan Cuban resort
The Livingstone brothers’ London & Regional is to invest $500m (£327m) in a new Cuban tourist resort in joint venture with local landowner Palmares. It is the first deal allowing foreigners to own beachfront property in Cuba. The 1.5m sq ft Carbonera resort will include an 18-hole golf course.
Merlin to buy rental business
Spanish real estate investment trust Merlin Properties is paying €1.8bn (£1.3bn) to acquire the Testa Inmuebles en Renta rental property business from construction firm Sacyr. Merlin Properties acquired an initial 25% stake in the company via a capital increase and will pay €1.5bn for Sacyr’s remaining 74.6% holding.
Cornerstone appoints Sitton
Cornerstone Real Estate Advisers has hired JD Sitton from JP Morgan Asset Management as global head of business development. Sitton will join Cornerstone on 7 July to replace retiring global head Graham Bond. In his role he will continue to expand the business as it opens new offices in Spain, Italy, France and Germany.
Knight Frank enters Romania
Knight Frank is to formally launch in Romania after agreeing a deal to bring its Bucharest affiliate in house. The Advisers, which has been an associate of Knight Frank since 2009, will operate under the global partnership’s brand and will be run by Horatiu Florescu.
