Guest Blog: In Europe, These Are 10 Deals That Did Close in March
By Tom Leahy, Senior Director, EMEA Analytics
On March 27 it was announced that a member of the Qatari royal family had bought London’s Ritz Hotel for a rumored £750 million to £800 million ($930 million to $990 million). The deal had been well trailed: it was first announced in January that the hotel’s owners, the Barclay brothers, were in talks to sell the asset.
Other notable transactions include Union Investment’s acquisition of the other 50% of Watermark Place in the City of London from their joint venture partner OMERS. Elsewhere, Aviva bought the Credit du Nord office in Paris from the tenant in a sale-and-leaseback deal; and in Munich’s prime shopping area, Centrum purchased a high street store on Maximilianstrasse for a rumored €250 million ($270 million).
On the portfolio side, some large deals have also transacted. These include the acquisition of a share of a Spanish and Portuguese shopping center portfolio by Allianz and Elo Mutual for €935 million, and ECE’s purchase of a portfolio of over 2,000 apartment units in England for £400 million.
It is likely the case that these and most other recently completed deals had been worked on well prior to this acute stage of the COVID-19 crisis and RCA anticipates a further slowing throughout April as the lockdowns remain in place, denting economic and financial activities.
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