In the spotlight this week:
Berlin’s Sony Center, where the Norwegian sovereign wealth fund has taken a 50% stake, valuing the the complex at €1.35 billion. Oxford Properties, which is its 50:50 partner, has already begun a €200 million future-proofing refurbishment.
Hines, (coincidentally a former asset manager of the Sony Center) is in the news too having acquired the building that has been Deloitte’s Milan headquarters for €200 million along with an institutional investor – the management consultant is off to pastures greener – and Hines will refurbish the asset making it more attractive and sustainable for office users
And, in London’s Wembley area, a 759-unit housing scheme will get underway now that LaSalle has borrowed £187 million from Cheney Capital Management to finance the mixed-use project by Regal London.
Also in London, the long awaited cross-city railway the Elizabeth Line has now opened, the biggest extension of the UK capital’s transport system this century. The new route is likely to be transformational and property values have already responded in some previously hard-to-reach locations such as Abbey Wood in south east London.
Also in the UK, PGIM Real Estate announced it has entered into a joint venture with Madison Cairn to target the hotel sector focusing on staycation destinations such as Brighton, home of its first acquisition.
In the last week Aviva Investors announced it has surpassed its commitment to originate £1 billion of sustainable transition real estate debt by 2025 three years ahead of schedule. Elsewhere, Skanska has has meanwhile been recognised as an international leader in sustainability the company was included in the Europe Climate Leaders 2022 list.
The Hines ULI student competition produced a winner this week and congratulations went to four students at ESSEC business school in France with their sustainability-conscious urban regeneration scheme.
Meanwhile, physical retail had a boost this week with the launch of a new H&M store in Glasgow and the opening of an Amazon fashion store in Los Angeles.
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