europe’s leading real estate...

Europe’s Leading Real Estate Alliance

Europe’s Leading Real Estate Alliance | 2016

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02

ContentsIntroduction 03

Map of European Prime Yields 04

Market Comments 06

Market Overviews 10

Delivering success across Europe 12

Contact details 19

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Catella and Strutt & Parkercombine their expertise in real estate and finance to provide a pan-European service to clients seeking to capitalise on new opportunities offered by Europe’s

key financial and business centres.

Working together they harness their experience and understanding of each country’s unique and distinctive marketplaces to identify solutions and deliver

outstanding results for their clients.

Combined they have 650 professionals based in 23 offices across 12 countries which positions them to provide expert real estate advice across all commercial asset classes.

LAST YEAR

of investment transactions

€10 BILLION

undertook more than

STRUTT & PARKER AND CATELLA WORK TOGETHER TO PROVIDE THE FOLLOWING SERVICES:

Investment, sales and acquisitions

Valuations

Debt financing

Equity funding

Asset management

Development

Leasing

Occupier solutions

Research


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04

Autumn 2016

Map of European Prime Yields


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06

Market Comments

Granted, expectations, especially from the German and French real estate industry, are very high in continental Europe after the UK voted to leave the EU in June’s Referendum. However, from a sober viewpoint we expect a hiatus in short-term decision making on the political level as a result. Apart from this brief phase of uncertainty, Catella believes London will retain its role as a global investment location, with only minor shifts in investment flows. Even if London doesn’t lose its standing, the vote will still reverberate across other European centres. A large unknown at the moment is the investment behaviour of major international investors, for whom London has been the gateway city to Europe. Shifts in exchange rates have already produced property revaluations for European investors in the UK in the weeks since June 23.

In Q3 we have seen investment in Europe recover somewhat, although investors remain nervous they also realise that the Brexit question will not be resolved quickly. And in the coming weeks, we expect some uncertainty owing to market volatility leading up to the US presidential election.

However, by year-end we expect a significant increase in transaction volumes, for the trophy buildings in particular. At this point in time, investors appear to have focused their activities on Paris, Frankfurt, and, to a lesser degree, Luxembourg - the three financial centres most likely to benefit from a shift of activities from London in the case of banks losing their right to ‘passport’ services from the UK capital.

All in all, as of today, no major market risks appear certain to materialise for real estate investment on either side of the channel. This is of course not a time for high hopes, but rather, to prepare to deal pragmatically with the new challenges in a post-Brexit world.

THOMAS BEYERLEHEAD OF GROUP RESEARCH

CATELLA

“ At this point in time, investors appear to have focused their activities on Paris, Frankfurt, and, to a lesser degree, Luxembourg.”

THOMAS BEYERLE

European markets have learnt to accept uncertainty.What to expect from the Brexit decision



Market Comments

Expectations for Continental Europe

- No change in ECB's monetary policy expected by early 2017 despite increase in fed rate.

- High amount of available capital for real estate investments especially by institutional investors.

- Expected yield compression in 2nd-tier locations and markets.

- Office and retail properties will remain the most sought after assets for both national and international investors.

- Rising take-up volumes in european office markets with increasing prime rents and declining vacancy rates.

- Housing sector will come increasingly on the radar of investors.

MOST ACTIVE COUNTRIES H1 2016

United Kingdom

Germany

Sweden

France

Spain

Italy

Poland

Denmark

Finland

Other Europe

Netherlands

EUROPEAN PROPERTY TRANSACTION VOLUMES

27%

20%

8%

9%

5%

5%

2%

2%

2%

6%

13%

‘11 ‘12 ‘13 ‘14 ‘15 ‘160€

10€

20€

30€

40€

50€

60€

70€

80€

90€

100€

€34

€35

€36

€36

€34 €3

7

€48

€40 €4

2

€43

€67

€43

€58

€56

€77

€78

€75

€74

€90

€52 €5

6

€40

BIL

LIO

N


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08

Market Comments

Following a stellar year in 2015, the UK commercial capital markets slowed in the first half of 2016. A combination of peaking prices and the EU Referendum uncertainty applied the brakes. That said, H1 transacted £26bn, which although dramatically lower than the £39bn traded in H1 2015, was an improvement on £21bn in H1 2013 and significantly higher than the downturn in 2008 and 2009 where volumes for the full year were of £24bn and £25bn respectively.

At this point in a ‘normal’ year we would be anticipating the Q3 data following the usual seasonal lull over the summer. Following 24th June, however, with the ballot papers counted and the UK voting to leave the EU, the picture is far less clear. That said, following the immediate aftermath of closed redemptions and high drama, speculation has quietened and a semblance of normalisation has returned.

At the time of going to print we are still waiting for the Q3 roll up figures. In the absence of hard data we are reliant on anecdotal evidence, market sentiment and the economic outlook.

To tackle the last, first. Since the end of June to say the main economic indicators have been mixed is an understatement. The Markit/CIPS surveys in July went negative as both services and manufacturing companies feared the worst. In August, that position was reversed with the services sector coming out at 52.9 and manufacturing at 53.3. The consumer data is similarly convoluted. The reality is that it is still too early

to determine a definitive outlook and yet the Bank of England has been to some extent pressured into acting. A combined package of cutting interest rates to 0.25%, pursuing further QE and low-cost bank lending has been positively hailed by some and viewed as overkill by others.

Market evidence and sentiment have also been mixed. This author had the opportunity to visit both Hong Kong and Singapore in the week following the 24th June. The general view from investors was that the UK remains a key global location to deploy capital and the currency devaluation results in a shorter term opportunity. Significant investment interest continues from these markets.

After a quiet summer, September started positively with interest and activity from both occupiers and investors: the markets remain tight with low vacancy and stock. As such there is currently limited downward pressure on rents except in areas where structural market shifts are taking place – the UK consumer retail model for example is still evolving. Time will give us a better picture of what impact Brexit will have.

What we do know is that we have many months and perhaps years of opacity until the terms of an exit and subsequent trade agreements are clear. The likelihood is that in the short term the market will be two tiered with significant capital seeking safety through prime stock and locations, and speculative buyers assessing the potential for price softening in non-core markets: The pattern which tends to emerge when the appetite for risk diminishes.

STEPHANIE MCMAHONHEAD OF RESEARCH

STRUTT & PARKER

UK property market September 2016.What to expect from a ‘new normal’



Market Comments

As part of our ongoing Property Futures research programme we published Office Futures: Workshift, a survey of 1,000 office workers in London, taking in their views on tasks, office equipment and technology; office layouts and features, and the urban environment and transport connectivity. Offering a guide to the work and location trends we may see in the future as employers compete for the best and brightest staff.

One of our key findings was that ‘private desk-based work’ remains the primary office task, with 74% of our respondents listing it as a regular activity. This would suggest amongst all the talk of co-working and collaboration that we should not lose sight of what ‘work’ actually is and how it is being supported. We should also perhaps consider whether open-plan office space – albeit a good catch-all solution – needs to be complemented by more bespoke private working areas. We are already seeing some occupiers focus on providing specific quiet spaces for individual work. UBM’s headquarters in London, for example, is equipped with both specialist quiet rooms and sound-proofed chairs.

Respondents were also given the opportunity to select their ideal work environment. Although a wide diversity of preferences were shown, it was notable that the two most private options – ‘home’ and ‘cellular/private offices’ – received over half of first preferences, suggesting that homogenous open-plan office environments do not match well with what employees actually want. Rather what may be better for staff are diverse work environments where work areas can be selected to fit the task being done, and perhaps more importantly the personality of the employee involved. We are starting to see the development of office buildings, alongside the accompanying technology, where space is less prescriptive and employees are able to better match their workspace to task and personality. The Edge, an office building in Amsterdam, is a strong example. Its diverse, flexible workspaces and customisable temperature and lighting levels, are a strong fit for the more demanding workforce.

What a survey of London workers tells us about the future of the office.

In terms of technology, our survey shows that 18-34 year-olds already use laptops and mobiles more than their older peers – 46% listing the ‘mobile phone’ as a key work tool, compared to 37% of 35-54 year-olds. This is in spite of the fact that they are in part restricted by what their employer provides them with. Furthermore when we only look at younger workers earning over £35,000 per annum (Future Leaders), we find that 67% of them list their ‘mobile phone’ as a key work tool, followed by 61% for ‘laptops’. The rise of a workforce using only mobile work-tools will no doubt drive further shifts in how people work, fixed workspace layouts gradually becoming a much smaller part of the overall space.

For employers, and consequently investors, considering employees’ views on the attractiveness of an office location is also vital. Our survey of office workers found ‘commuting time’ to be the most significant factor in an office location’s attractiveness – 80% of those surveyed listed it as one of up to three important factors. The next highest score went to ‘food and drink options’, with 45%. In contrast the option in third place, ‘shopping options’, scored just 27%. Interestingly when we broke the data down to the Future Leaders sample we found ‘commuting time’ to still be the most important factor at 72%, but ‘food and drink options’ came a close second, scoring 65% of the vote. We firmly believe that after transport connectivity, the quality of the food and drink is absolutely fundamental to an attractive urban realm.

“ We are starting to see the development of office buildings, alongside the accompanying technology, where space is less prescriptive and employees are able to better match their workspace to task and personality.”


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10

Market Overviews

GERMANY The ongoing moderate recovery is projected to continue, with GDP growth reaching 1.7% in 2017. Sustained monetary stimulus and low oil prices will support domestic demand, but the slowdown in emerging market economies will weigh on exports. Despite the Brexit vote and accompanying uncertainty, business surveys are consistent with steady underlying growth. The direct effects of Brexit on the German economy are not expected to be significant, although medium term growth prospects could be undermined by a prolonged period of uncertainty and financial market volatility. Domestic demand will remain the key driver of growth. Following a strong start to the year, the top five office markets in Germany continued to see robust levels of leasing activity in Q2 with 686,500 sq m of take-up. Hamburg and Munich were the top performers, both seeing Q2 levels in excess of those of Q1. This demand for space is eroding availability and vacancy rates are falling which, in turn, is leading to shortages in prime space where rents have seen positive growth notably in Berlin, Munich and Hamburg.

FRANCE After GDP growth of 0.6% in Q1 the economy has lost some steam, partly due to ongoing strikes over unpopular labour market reforms. This is also made obvious by a stagnation of GDP in Q2 relative to Q1. GDP growth is forecast to reach a five year high of 1.6% in 2016, driven mainly by domestic demand. The short term effects of the Brexit vote are not expected to be significant, although medium term growth prospects could be undermined by a prolonged period of uncertainty and financial market volatility.

Take-up in the Greater Paris area amounted to 1.1 million sq m in H1 2016, a 20% increase on the same period in 2015. There has been very strong activity in Paris, while La Défense is expected to see a record level of take-up in 2016. Activity is improving across all size categories, but the market is especially strong for small and medium sized floorplates.

There is healthy demand from local and overseas investors and volumes are being boosted by the completion of several large transactions and good appetite from investors for higher yielding non-core assets.

Following the vote to leave the EU, the UK political and economic landscape was initially thrown into turmoil. However, following the appointment of a new Prime Minister and the increasing acceptance that exit would be a long drawn-out process, the situation has stabilised somewhat. The economy was performing strongly before the referendum, with the PMI surveys for manufacturing, construction and services all very strong; however, forecasts have been downgraded in the aftermath of the vote to leave. Occupier demand leading up to and after the vote has been relatively weaker. However, it remains steady, and most of the UK’s core markets remain characterised by a low level of vacancy. Investment volumes eased further in the second quarter, with the lack of prime stock in Central London and in core regional locations impacting on activity. Some investors have also been taking stock of changes in the market and are re-evaluating their views on pricing and risk, albeit bidding has been robust when prime assets have been brought to market. Activity is expected to be more subdued in 2nd-tier and secondary markets in H2 2016.

SPAIN The domestic economy continues to benefit from the ultra-loose monetary policy stance of the ECB and low oil prices. Despite relatively weak wage growth, consumer confidence is high and rising as employment growth strengthens and real disposable incomes benefit from deflationary conditions. Spain’s growth prospects are positive, with an improving labour market underpinning expected GDP growth of 3.0% in 2016 and 2.3% in 2017.

Volumes dipped slightly in Q2, with Colonial’s purchase of IBM’s headquarters in Madrid for €EUR 154 million the most notable deal. Prime yields were unchanged and expected to hold over the remainder of 2016. Strong demand for core assets will continue to see yields harden. In Madrid, there is an absence of take up in excess of 4,000 sq m, with only four larger deals closing in H1 2016. In Madrid, the CBD and Periphery were the most sought after areas while in Barcelona the majority of take-up was in the City Centre and Passeig de Gràcia / Diagonal areas.

UK

10-yr government bond yield 0.86%GDP forecast 2017 0.50%Population change 2016-2030 8.62%Purchasing power index (Europe = 100) 163.5

10-yr government bond yield -0.01%GDP forecast 2017 1.60%Population change 2016-2030 -1.74%

Purchasing power index (Europe = 100) 157.3


10-yr government bond yield 1.06%GDP forecast 2017 2.30%Population change 2016-2030 -4.12%Purchasing power index (Europe = 100) 113.9



Market Overviews

DENMARK After a slowdown in GDP growth the final quarter of 2015, the Danish economy accelerated in Q1 2016, with GDP growth increasing 0.5% quarter-on-quarter. The labour market is strengthening, with the unemployment rate falling to 4.2% in July. This trend continued in Q2 with a 0.5% increase in GDP. The ongoing strength in labour markets combined with low inflation, will see private consumption being the major driver of the economy going forward, with more modest contributions from investment and exports. GDP growth is forecast to be a modest 0.9% in 2016 and 1.5% in 2017. Office investment activity continues to be strong and institutional investors are the most active buyers within the market, who are focused on well-located properties in the CBD and harbour submarkets in Copenhagen. However, with the availability of prime assets being limited at best, investor demand faces obstacles when seeking investment product and some are now looking to more peripheral areas for opportunities. Prime yields held firm across all key locations.

FINLAND The Finnish economy maintained a steady momentum in the first half of 2016, with private consumption the main driver of growth, although gains are being offset by continued weakness in exports and public spending. Consumer spending continues to surprise to the upside, despite muted wage growth and still high unemployment. The economy is expected to grow by 1.3% in 2016 and 1.2% in 2017. Occupier demand is showing signs of strengthening as 2016 progresses, but overall vacancy remains high and is currently between 13%-14%. Active requirements for modern buildings in good locations are strong, but supply at this end of the market is declining and there are now clear signs that the demand for good quality secondary office properties has increased. Q2 investment in the Finnish office sector totaled EUR €144 million with private property companies the most active, accounting for approximately 45% and international investors taking a market share of around 25%. Demand for office assets is still clearly targeting prime products - this is not expected to change going forward.

Economic activity slowed in Q1, with quarterly GDP growth just 0.5%. The weakening trend continued in Q2 respectively with a quarter-on-quarter growth of 0.5%. Consumers and business investment remain the key drivers of growth, but exports have weakened due to a slowdown in demand for capital goods and softer service exports. GDP growth is forecast to be a robust 3.00% in 2016 and 1.5% in 2017. Sweden’s two biggest cities, Stockholm and Gothenburg, remain the best performing occupational markets in 2016 following strong employment growth. Despite the strength of the job market, there are few speculative projects underway in Stockholm and office stock will only grow by just above 1% annually until 2020, ultimately supporting rental growth. Momentum continues to build in the Swedish office market with investment in Q2 2016 up 20% on Q2 2015. Falling interest rates in Q2 add to the pressure on office yields already coming from the lack of core assets for sale and the weight of money waiting to be deployed in 2016.

BALTICS The Baltic countries GDP growth is mostly driven by domestic consumption, backed by strong labour markets, low energy prices and solid wage growth. In year-on-year comparison Estonian GDP growth was measured at 1.5% in Q1 and 0.8% in Q2. Latvia recorded a steady increase of 2.1% in both Q1 and Q2 and Lithuania arrived at 2.4% in Q1 and 1.9% in Q1 as compared to the same quarters of the previous year. All three Baltic economies are expected to show slightly higher GDP growth rates in 2017 due to anticipated export and investment increases. In 2015 Baltic property investment market, propped up by multiple major deals, exceeded EUR 1.1 billion. Although the market is still very well capitalized, the property transaction volume is expected to fall below EUR 1.0 billion in 2016 due to limited supply of suitable assets available for purchase. Local institutional and private investors continue to dominate the market. The demand is focused mainly on well located capital city office and retail properties. While the prime yield rates have compressed significantly over the past three years, further moderate contraction is expected due to excessive demand for prime assets in the region.

SWEDEN


10-yr government bond yield 0.08%GDP forecast 2017 1.50%Population change 2016-2030 7.00%

Purchasing power index (Europe = 100) 167.2


10-yr government bond yield N/AGDP forecast 2017 N/APopulation change 2016-2030 -18.92%Purchasing power index (Europe = 100) 61.1

Sources: Financial Times as at 16/09/2016, PMA, Eurostat, GfK


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12

UK

Delivering success across Europe

DEVONSHIRE HOUSELondon | W1

– Reappointed as leasing agents by Ponte Gadea having advised on the sale of this £400 million West End investment.

– West End agency has now successfully let all the remaining vacant accommodation.

55 BISHOPSGATECity of London | EC2

– Advised a joint venture between Schroder Real Estate and a strategic partner on the acquisition of this landmark office for £187.5 million from CPPIB.

FINSBURY TOWER BUNHILL ROWCity of London | EC1

– Advised CIT Group on the acquisition of this 153,000 sq ft tower for £107 million from Hermes Real Estate Investment Management.

FRITH & DEANSoho | W1

– Advised PGIM, on behalf of John Lewis Pension Fund, on the disposal of a cluster of four properties in Soho for £34 million.

TELFORD BRIDGE RETAIL PARKTelford

– Advised a private Qatari investor on the acquisition of this 189,000 sq ft retail park for £43.5 million.

MOOR PLACECity of London | EC2

– Advising Brookfield on the sale of this 237,000 sq ft prime Grade A office investment with a guide price of £293 million, reflecting a net initial yield of 4.50%.




TIMES SQUARE, 160 QUEEN VICTORIA STREET City of London | EC4

– Advised Land Securities Group plc on the sale of this prime City investment for £287.5 million to Blackstone.

MOORFIELD GROUP SHOPPING CENTRE PORTFOLIO

– Advised Moorfield Group on the sale of the Neptune Portfolio, comprising The Ridings Shopping Centre in Wakefield, Cornmill Shopping Centre in Darlington and Capitol Shopping Centre in Cardiff, for £92 million.

BLAKELANDS INDUSTRIAL ESTATEMilton Keynes

– Advised Palmer Capital and SEDCO on the sale of this prime multi-let estate, comprising 74 units, for £38.79 million.

ATRIUMUxbridge

– Advised Aviva Investors on the sale of this 138,000 sq ft prime M25 multi-let office investment for £55.9 million.

REX BUILDING 62 Queen Street, City of London | EC4

– Advised Aberdeen Asset Management on the sale of this City investment for £70 million to AXA REIM.

SUPPORTED LIVING PORTFOLIO

– Advised the Priory Group on the sale of a portfolio of supported living properties for circa £14 million.

– Let to Inclusion Housing, a Registered Provider, on a long lease with RPI increases.

10 HAMMERSMITH GROVELondon | W6

– Advised Aberdeen Asset Management on the sale of this multi-let office investment for circa £90 million.


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14

UK


GRAFTON CENTRECambridge

– Advised Legal & General Investment Management on the acquisition of this 500,000 sq ft shopping centre for £99 million.

YUSEN LOGISTICS. PARK FARM INDUSTRIAL ESTATEWellingborough

– Advised Royal London Asset Management on the acquisition of this 330,000 sq ft logistics unit for £29.2 million.

GRIFFIN HOUSE HAMMERSMITH ROADLondon | W6

– Advised a private client of National Bank of Kuwait on the purchase of this well-let West London office building for £75.55 million.

TNT, G PARKSwindon

– Advised Aberdeen Asset Management on the forward funding of this 55,000 sq ft logistics unit for £11.6 million.

ST NICHOLAS CENTRE Sutton

– Advised AEW Europe on the acquisition of this 435,000 sq ft shopping centre for £71.6 million.

BRIDGEWATER HOUSEBristol

– Advised Palmer Capital on the sale of this 115,000 sq ft regional landmark office for £56 million.

METRO BUILDINGHammersmith | W6

– Advised M&G Real Estate on the sale of this prime West London office investment for £62 million.




FRANCE

5 QUAI MARCEL DASSAULTSuresnes (92)

– Advised Gecina on the sale of 13,072 sq m of office property for EUR 57.250 million.

COHESISClamart (92)

– Advised Stargime on the sale of 14,167 sq m of office property for EUR 51.200 million.

BURGER KING PORTFOLIOFrance

– Advised Groupe Bertrand on the sale of 7,577 sq m for EUR 28.900 million.

BONNE ÉNERGIEIssy-les-Moulineaux (92)

– Advised PRD Office on the sale of 24,251 sq m of office property for EUR 158 million.

6-8 BOULEVARD RASPAILParis 7

– Advised Emerige on the sale of 1,519 sq m of retail for EUR 32.6 million.

CNC PORTFOLIOParis 16

– Advised CNC on the sale of 8,753 sq m of office property for EUR 91.500 million.


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16


SWEDEN

OFFICE PROPERTYHyllie | Malmö

– Advisor to NCC in sale of newly constructed office property in Hyllie south of Malmö.

– The property comprises a total lettable area of approximately 7,300 sq m office of premises.

– The underlying property value was approximately EUR 35 million.

THE VATTENFALL HEADQUARTERSSolna

– Advisor to Fabege in the divestment of the Vattenfall headquarters in Solna, Stockholm. The property was completed in 2012 and comprises 44,000 sq m (approximately 43,000 sq m office space).

– Fabege divested the property to Union Investment Real Estate GmbH, and the underlying property value was approximately EUR 241 million.

RESIDENTIAL PORTFOLIO Gothenburg

– Advisor to Kungsvik in the divestment of a residential portfolio of eleven properties in very attractive locations in Gothenburg. The portfolio consisted of 186 flats and a lettable area of approximately 11,363 sq m.

TECHNOPOLIS’ FIRST ACQUISITION IN SWEDEN Gothenburg

– Advised the Finnish listed property company Technopolis on the acquisition of an office property in Gothenburg. Total lettable area is approximately 34,300 sq m and the main tenant is Telia. The underlying property value was approximately EUR 128 million.

3,000 APARTMENTSLuleå

– Advisor to municipal company Lulebo AB and Luleå municipality in the divestment of a total 3,000 residential apartments and five public properties located in Luleå, northern Sweden.

– In total 59 properties were divested in several separate deals, to both local and national investors.

– Combined transaction volume of approximately EUR 260 million.

RAISING OF CAPITAL AND LISTING OF MAXFAST

– Advisor to MaxFast Properties AB (publ), both in connection with a capital raising of approximately SEK 210 million and the listing of the company’s shares on First North at Nasdaq Stockholm.

– The real estate portfolio of MaxFast Properties consists mainly of properties for consumer discretionary retailing in strong local positions in small and medium-sized municipalities. The property value amounts to approximately SEK 700 million.




BALTICS FINLAND

SPAIN

CRE PORTFOLIOMadrid

– Advised the fund Invesco on the sale of a portfolio comprised of a logistics warehouse in Quer, in the third industrial crown of Madrid, and three supermarkets in Cuenca, Segovia and Murcia. Purchased by the fund GreenOak for EUR 24 million.

SHOPPING CENTRES PORTFOLIO

– Advised Carmila on the purchase of three shopping centres located in Badalona (Barcelona), Burgos and Murcia. These assets have been sold by Hispania Retail Properties (owned by Baupost, GreenOak and Grupo Lar).

INDUSTRIAL WAREHOUSEMurcia

– Advised real estate company on the sale of an industrial warehouse located in Murcia. Purchased by the international fund Corum AM for EUR 24 million.

HIGH STREET RETAIL UNITS

– Advised the investment vehicle Nergosa on the sale of the portfolio of three retail units located in Santander, Burgos and Cádiz. Purchased by two Spanish family offices for EUR 21 million.

DOMINA SHOPPING CENTRERiga | Latvia

– Advised KanAm Grund Kapitalverwaltungsgesellschaft mbH in the sale of one of the largest leading shopping centres in Riga for EUR 74.5 million.

OFFICE BUILDINGHelsinki

– Advised Nordea on the sale of a 19,000 sq m office building in the centre of Helsinki to Auratum.

SHOPPING CENTRE PORTFOLIO

– Advised FIRST LuxCo 1 on the sale of a shopping centre portfolio, comprising 18 properties, to City Kauppapaikat.


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18


DENMARK

POSTNORD’S DANISH HEADQUARTERSCopenhagen

– Advised on the divestment of PostNord’s Danish headquarters, led the dialogue in regards to the current debt and furthered the dialogue with the City of Copenhagen on the development opportunities. The planned development project amounts to EUR 675 million.

THE CARLSBERG FOUNDATIONCopenhagen

– Acted as sole financial advisor to the venerable Carlsberg Foundation on the sale of its six real estate companies in Denmark to three leading Danish pension funds at a value of EUR 150 million.

CHRISTIANSHOLMPapirøen

– Advised Union Holding on the establishment of a joint venture for the development of an inner-city harbour front residential development. The planned development project amounts to EUR 180 million.

NEWPORTCopenhagen

– Secured a strategic joint venture between the Danish pension fund, PensionDanmark, the developer Nordkranen A/S Ejendomsudviklingsselskab and CPH City & Port Development, owned by the Municipality of Copenhagen and the Danish State, on an extraordinary residential development project in Nordhavn, Copenhagen. The project amounts to EUR 300 million.

STUDENT HOUSING PORTFOLIO HEADQUARTERFrankfurt | Darmstadt | Dresden | Münster

– Advised a fmaily office in an exclusive mandate selling more than 1,000 student apartments in Frankfurt, Darmstadt, Dresden and Münster for in excess of EUR 100 million.

GERMANY

SENIORS RESIDENCELingen

– Advised HansaInvest on sale of a senior residence to domestic health care specialist AviaRent for circa EUR 20 million.

LANDMARK-BUILDINGCologne

– Advised a foreign landlord on the sale of a landmark residential building including retail areas on the ground floor for an investment volume of approximately EUR 40 million.



Contact details

Andy MartinSenior Partner

[email protected] M: +44 (0)7768 353 832 T: +44 (0)20 7318 5017

Emmanuel SchrederHead of Corporate Finance

[email protected] T: +33 (0)1 56 79 79 79

Antony ThesigerPartner, Investment


Jesper Bo HansenHead of Corporate Finance

[email protected] M: +45 2025 2330 T: +45 3393 7593

Damian CronkHead of Commercial


Andrew SmithPartner


Stephanie McMahonHead of Research


Thomas BeyerleHead of group Research

[email protected] M: +49 (0)172 52 55 909 T: +49 (0)69 31 01 930 220

13 Hill Street London W1J 5LQ T: +44 (0)20 7629 7282

struttandparker.com

Birger Jarlsgatan 6 SE-114 34 Stockholm T: +46 (0)8 463 33 10

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