Kennedy Wilson debuts in Italy
Kennedy Wilson has made its Italian debut with the purchase of an office portfolio for €185.5m (£133m) – a 6.3% yield – from InvestiRE SGR.
The portfolio comprises nine office buildings 100% occupied by the Italian government and totalling 1.1m sq ft of lettable space, generating €12.1m pa.
CBRE advised on the sale.
China readies Starwood sale
A trio of Chinese investors are seeking government approval to bid for Starwood Hotels & Resorts.
Shanghai Jin Jiang International Holdings, HNA Group and China Investment Corporation have each presented proposals to the Chinese government to bid for the $12bn (£7.8bn) company.
The government only wants one domestic company to bid for the deal to avoid driving up the price, according to a report in the Wall Street Journal.
New tenant for Hudson Yards
KKR is planning to move to Related Company’s Hudson Yards scheme in Manhattan.
The private equity firm will take the top 10 office floors of a 90-storey tower at the $20bn (£13bn) scheme.
The company will move from the Plaza District – a favourite of hedge funds and private equity companies – to the up-and-coming development.
Primonial buys Paris offices
Primonial REIM has bought a central Paris office block from Wereldhave.
The French asset manager paid the Dutch property company €208m (£150m) for the Noda building in Issy-les-Moulineaux.
French REIT bids for Berlin IV
Foncière des Régions’ German subsidiary Immeo1 has launched a takeover bid for a Copenhagen-listed special purpose vehicle which owns 2,735 Berlin homes.
The French REIT, which already owns 5% of the share capital of Berlin IV, needs to acquire 90% of the shares to take full control of the €348m (£248.9m) portfolio.
