Related snaps up US housing
Related Companies has bought a portfolio of 3,062 affordable homes in the US Midwest and Florida for $270m (£173.67m). Related, which will partner with Argent on future UK projects, bought the properties from groups affiliated with Chicago-based investor Sheldon Baskin.
NorthStar shines on Trianon
US REIT NorthStar Realty Finance has bought the Trianon office tower in Frankfurt, Germany, for €540m (£378.3m) from Madison International and Morgan Stanley’s Eurozone Office Fund. The 710,000 sq ft block is 98.5% let to tenants including DekaBank and Linklaters. Morgan Stanley bought Trianon for €620m in 2007, with Madison taking a 57% stake in 2012.
JLL opens Nairobi office
JLL is to launch an east African office in Nairobi, Kenya, to service 22 countries in the region. The hub will offer occupier, capital markets, hotel and valuations advice alongside facilities management and strategy. JLL currently operates in four other African locations – Casablanca, Cairo, Lagos and Johannesburg.
Aviva in Asian sell-off
Aviva is to offload properties in central Sydney and Tokyo after its £159m Asia Pacific Property Fund was suspended from trading. Investor withdrawals forced Aviva to shut down dealing on the fund in order to sell off its properties in an orderly manner.
European banks offload debt
European banks and funds are attempting to offload €74bn (£51.8bn) of debt and assets – the largest amount recorded on the market – according to Cushman & Wakefield. Some €23.5bn of property loans was sold in the first half of the year, driven by British vendors and Ireland’s National Asset Management Agency.
