Category Archives: Merger & Acquisition

Lone Star’s Quintain Estates offer extended for two weeks after 53% backing

Lone Star has this afternoon extended its offer to shareholders of Quintain Estates and Development for a further two weeks, after the private equity firm’s offer received more than 53% approval. No other bidders have emerged to rival Lone Star’s offer, … Continue reading

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HSH Nordbank eyes autumn resolution over potential €15bn NPL bad bank

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HSH Nordbank is hoping for clarification this autumn over its year-long request to transfer the bulk, or all, of its remaining €15bn of non-performing loans (NPLs) into a State-owned bad bank. Germany’s federal states of Hamburg and Schleswig Holstein, which … Continue reading

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GAM to buy Renshaw Bay structured as a five-year contingent payment

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GAM, the Swiss multi-asset class independent asset manager with CHF 124.2bn (c.£81bn; c.€114.5bn) under management, has acquired Renshaw Bay’s c.£770m predominantly UK and German commercial real estate whole loan lending platform. The definitive agreement to buy Renshaw Bay was announced … Continue reading

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Deutsche Pfandbriefbank’s top 10 shareholders subscribe to 50% of Project Triple One IPO shares

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Deutsche Pfandbriefbank (PBB) listed on the Frankfurt Stock Exchange this morning after 80% of ordinary shares were sold at the bottom end of the price range raising €1.156bn in gross proceeds, in the long-awaited re-privatisation of the real estate and … Continue reading

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Deutsche Pfandbriefbank shrugs off Greece macro concerns to begin share placing

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The Federal Agency for Financial Market Stabilisation (FMSA), the owner of Hypo Real Estate Holding AG (HRE), which itself owns Deutsche Pfandbriefbank (PBB), has shaken off concerns around investor sentiment related to the ongoing Greece crisis to press ahead with … Continue reading

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Aareal Bank completes €350m WestImmo acquisition

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Aareal Bank Group has completed the acquisition of all of the shares of Westdeutsche ImmobilienBank AG (WestImmo) for €350m, acquiring a €4.3bn performing European commercial real estate loan book. This is Aareal’s second acquisition inside the last 15 months, after … Continue reading

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Starting gun fired for sale or IPO of Deutsche Pfandbriefbank

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The sale process of Deutsche Pfandbriefbank (PBB) has officially started after Hypo Real Estate Holding (HRE), the German government-owned parent company, announced the initiation of a two-track re-privatisation strategy today. HRE has appointed Citigroup and Deutsche Bank as financial advisors … Continue reading

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Cromwell Property Group buys Valad Europe for €145m

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Cromwell Property Group, the Australian REIT, last night announced the acquisition of Valad Europe for €145m, financed by the issuance of a euro-denominated €150m convertible bond. The purchase price reflects an EBITDA multiple of approximately 6.4x. The sale to Cromwell … Continue reading

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Stone Point Capital buys Lewis Ranieri’s Situs for around $200m

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Stone Point Capital, the financial services-focused private equity firm, has acquired Lewis Ranieri’s Situs Holdings for around $200m, reflecting a sale at the upper end of expectations when the firm was put up for sale last October. In Europe, Situs manages … Continue reading

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