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Wednesday, 19 June 2013
UK Terra Firma's German housing firm Deutsche Annington has launched its long-awaited initial public offering for first listing on 3 July. The IPO aims to raise ¤400m from a capital increase and further funds via a partial placement of current owner equity to place, including ‘greenshoe’ option, a potential ¤1.1bn. The midpoint of the offering range values the company at ¤4.3bn.
Dalian Wanda Group, China’s largest commercial property and entertainment investor with ¤48bn in assets, is to buy one of London’s tallest residential-focused developments at a cost of over Stg700m at completion from Irish and British developer Green Property. Wanda earlier this year was reportedly considering a bid for the French Printemps department store.
At least 56 Chinese firms have shown strong interest to buy or rent London's Stg1bn Asian Business Port announced in late May by ABP (China) Holdings and London Mayor Boris Johnson. ABP Chairman Xu Weiping said this week the project could quickly double in value.
Paris-based insurance giant AXA is to boost exposure to infrastructure debt with ¤10bn in new investment over the next five years, and has charged AXA Real Estate to source and manage this. The unit is the largest European property manager with over ¤45bn AUM, and has a ¤7bn real estate debt platform.
Shareholders in German listed residential firm GSW on Tuesday joined Dutch manager PGGM in voting 63.31% against Bernd Kottmann as new board chairman, and the supervisory board will convene an extraordinary meeting to discuss this in the next few days. A motion to end the mandate of Supervisory Board Chairman Eckart John von Freyend failed to gain the needed majority.
Danish PFA pension fund has bought a 47.5% interest in Copenhagen-based Nordic Real Estate Partner’s NREP Logistics Fund from Swedish pension fund SPP for ¤100m. The sale followed SPP’s decision to wind down its indirect real estate portfolio.
London-based UK & European Investments and German non-performing loan specialist Albulus Advisors have joined forces to invest up to ¤100m in German NPLs. The partners will focus on single loans or NPL baskets.
pbb Deutsche Pfandbriefbank and landesbank Helaba are providing a ¤163m senior loan to Tishman Speyer to finance the purchase and renovation of the Pacific tower in Paris business district La Défense from Canadian Ivanhoé Cambridge for around ¤215m, announced in May.
Singapore investment manager Temasek, with ¤118bn in total AUM, has set up a unit in the UK to focus on investments around Europe. Real estate is expected to be one focus of the group, which has close ties with the government of Singapore. Its CEO is Ho Ching, wife of Prime Minister Lee Hsien Loong.
Russian developer Grinn has started building a massive 220,000 sq.m. RUB7bn ($218m) shopping and entertainment centre in Kursk, southern Russia, following approval of the permit by the local council.
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