LONDON-Property tycoon Robert Tchenguiz has acquired 364 pubs in a euro 493-million ($672-million) three-way sale and leaseback deal. Tchenguiz is buying the pubs from Spirit and leasing them to a rival brewer, Scottish & Newcastle.

LONDON-Minerva has announced that it has put its Allders department stores up for sale and had received expressions of interest from Allders management as well as other potential purchasers.

LONDON-US venture fund Blackstone has paid euro 290 million ($389.5 million) for the UK and Irish assets of French cinema group UGC. The deal creates the second-largest cinema chain in the UK, since Blackstone will be able to combine the UGC business with Cine-UK acquired earlier this year.

LONDON-US venture fund Blackstone has paid euro 290 million ($389.5 million) for the UK and Irish assets of French cinema group UGC. The deal creates the second-largest cinema chain in the UK, since Blackstone will be able to combine the UGC business with Cine-UK acquired earlier this year.

LONDON-The UK government has ruled out the introduction of legislation that would pave the way for REITs in 2005. Property shares fell as investors registered disappointment, but the industry was reassured by news that further discussion was in the cards.

LONDON-Highbridge Properties has bought an additional 40 acres to create the largest office park in the UK. Cobalt Business Park, near Newcastle will provide a total of 2.3 million sf when fully developed with a value of euro 724 million ($967 million).

LONDON-Leisure group De Vere today signaled a major expansion of its brand to capitalize on the recovery in the hotel market. The UK hotelier is looking to role out another 37 hotels in the UK and is in talks to manage a string of golf courses in continental Europe.

LONDON-US-based Blackstone has bought one of the UK's largest nursing-home operators, NHP, for euro 805.9 million ($1 billion). The latest deal reflects a further consolidation of the market driven largely by venture capitalists who have identified a market opportunity in the sector's slower rate of build and the prospects of higher fees.