The acquisition means the investment-advisory business that represents the family trust of Leo Noe has been involved in more than euro 1.5 billion ($1.8 billion) worth of deals so far this year. Recently the fund announced it was selling three shopping centers to Capital & Regional's and Morley Fund Management's the Mall fund. They are the 500,000-sf Chequers Shopping Centre in Maidstone, the 400,000-sf Cleveland Shopping Centre in Middlesbrough and the 535,000-sf Blackburn Shopping Centre.
Other deals include the euro 419.5-million ($517-million) acquisition of St Katharine Docks, E1, from Taylor Woodrow at the start of the year. This included luxury offices and homes as well as a marina and a stand-alone office block known as K2. An adjacent site is also available for redevelopment. In May, REIT paid euro 103.7 million ($127.8 million) to take the public Thames Valley specialist Estates & General private. Now the fund is understood to be in the running for seven Thistle hotels that are up for sale.
"We have taken a view that city offices and the Thames Valley offer good recovery opportunities and that retail appears to be fully priced," says Kevin McGrath, who runs the REIT.
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