Waterfront buyers go with flow
Resolution Property and LNC Property Group have sold the Waterfront shopping centre in Bremen, Germany, to a Danish pension fund for €212m (£149m). ATP has purchased the centre, in which the partners each held a 50% stake. It covers 861,000 sq ft, with tenants including TK Maxx, H&M and Germany’s first Primark.
Cheung Kong to break Link
Li Ka-shing’s Cheung Kong Property Holdings is to sell a Shanghai mixed-use development for RMB20bn (£2.1bn). The billionaire investor, who is refocusing his portfolio away from Asia and into the US and UK, is entertaining offers for the Century Link project in Pudong, a 3.7m sq ft retail-led scheme.
IVG to sell after restructure
German real estate fund manager IVG is preparing to put itself up for sale. The company is close to appointing investment bank Lazard to advise on the sale process, which comes after a turbulent restructuring programme.
IHG eyes rival hotel groups
InterContinental Hotels Group is considering bids for two of its rivals after ruling out a merger with US company Starwood. IHG, which owns Holiday Inn, is now looking at Fairmont and Mövenpick as possible takeover targets.
European mall footfall rises
Footfall in European shopping centres rose by 1.2% year-over-year in 2014, according to the International Council of Shopping Centers. Southern Europe, including Spain, Turkey, Portugal and Italy, outpaced the rest of Europe, with footfall increasing by 3.4% from 2013 to 2014. Eastern Europe (Czech Republic, Poland and Hungary) followed closely, with a gain of 3.2% in footfall. Northern and Western Europe reported stable results.
