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Farmland trust plans $300M UK IPO; Flotonic raises offer price for AFI takeover


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Farmland trust plans $300M UK IPO; Flotonic raises offer price for AFI takeover

* The Global Sustainable Farmland Income Trust PLC seeks to raise as much as $300 million in a planned IPO in London in February 2020. The farmland trust plans to issue up to 300 million ordinary shares valued at $1 apiece. Net proceeds are expected to be roughly $295.8 million.

Placing and offer of subscription is open from Dec. 18 until Feb. 25, 2020, and the admission and dealings in the ordinary shares will commence Feb. 28, 2020.

Proceeds from the flotation will be used to diversify its portfolio in terms of geography, crop type, property and tenant. In particular, the company plans to buy farmlands in the U.S, Europe, Australia, New Zealand and in some portions of Latin and South America.

* Flotonic Ltd. raised its offer price in its planned takeover of Cyprus-based property company AFI Development PLC to 39.4 cents per class A and per class B ordinary share from 30 cents. The increased offer price values the target company at about $413 million, compared to a valuation of $314 million from the previous valuation. The Cypriot company announced the intention of Flotonic, its controlling shareholder, to take over the company in October.

* Cushman & Wakefield PLC plans to buy Réponse in an effort to expand its service offering in France. The deal, subject to regulatory approvals, is slated to close in early 2020. The global real estate services firm said it will add Réponse's 110-member team to its project and development services skill line. Réponse President Christophe Gellé will continue to build the newly acquired business line in France.

* Hembla AB (publ) applied to delist from the Nasdaq Stockholm amid a mandatory takeover of the company by German property giant Vonovia SE. Hembla said the delisting will improve the company's ability to deliver on its strategy and planned synergies.

Vonovia, through its subsidiary HomeStar InvestCo AB, launched a mandatory offer Nov. 7 to acquire the shares it does not own in Hembla for 215 kronor in cash per B share, valuing the Swedish residential property company's shares at roughly 19.98 billion kronor.

* AXA IM - Real Assets completed the acquisition of a nearly 275,000-square-meter core logistics portfolio from AEW. The acquired properties comprise three in France, two in Italy and one in the Netherlands, and have an average age of 10 years and an average lease length of more than seven years.

UK and Ireland

* LondonMetric Property PLC sold four U.K. distribution centers for a total of £145.3 million, or £141.9 million at the company's share. The price reflects a 2.6% discount to the Sept. 30 book value. The deals involve two mega box warehouses in Newark and Rotherham, comprising 726,000 square feet and 152,000 square feet, respectively, and two distribution centers in Doncaster, spanning 330,000 square feet and 176,000 square feet.

* U and I Group PLC filed plans for its £200 million mixed-use project at the former Westminster Industrial Estate in Charlton, Greenwich, in the U.K. U and I, along with Galliard Homes Ltd. and landowners Royal London, will redevelop the site into 492 new homes, of which 35% will be affordable, an innovation hub with specialist facilities, adaptable industrials, logistics and workshop space, retail and public realm.

* Inc. is looking for a site for its first warehouse in Ireland, Bloomberg News reported, citing people with knowledge of the plan. The online retail giant is seeking a plot of land with 100,000 square feet of space and has weighed options on the outskirts of Dublin, according to the sources. Amazon fulfills orders from Ireland by shipping the packages from the U.K.

* Summix FRC Developments Ltd. was granted planning permission under fast-track planning rules by An Bord Pleanála to develop a high-end student accommodation scheme in Liberties, Dublin, The Irish Times reported. The Ardee Point project, which will house 368 student bed spaces, received objections from local residents who said the plan will lead to the "studentification" of the area, the report noted.


* VIB Vermögen AG signed a 50/50 joint venture contract with Warehouses De Pauw to develop logistics properties in North Rhine-Westfalia, Bremen and Hamburg. For its first project, the partnership secured a plot of land spanning about 80,000 square meters in Gelsenkirchen and will develop it into a logistics facility. The project comprises two warehouses with an area of 20,000 square meters each. Construction will begin no later than the fourth quarter of 2020.

* DIC Asset AG sold two office buildings in Duisburg to a fund managed by Aviva Investors for €95 million, resulting in profits of about €28 million above sheet value. The Continental Long Lease Strategy Fund bought the administrative buildings at Hansastrasse 15 and Königsberger Allee 28. The properties have a combined floor area of roughly 28,700 square meters and are occupied by Deutsche Bahn AG.

* Aedifica SA will invest approximately €92 million to acquire and renovate seven healthcare properties. The portfolio of four care homes in Berlin and one each in Plön, Wankendorf and Ueckemünde accommodates 957 seniors requiring constant care and is being operated by the Vitanas group.


* Corestate Capital Holding SA agreed to a new financial partnership with Bain Capital Credit LP to co-invest in properties in the micro-living sector in Poland and convert them into student housing. The partnership, which also includes asset and property management contracts, has the initial capacity to develop a gross asset value worth up to €500 million.

The Nordics

* Folksam AB is set to acquire 4 billion Swedish kronor worth of shares in Heimstaden Bostad AB (publ). The cash rights issue Jan. 7, 2020, will enable Folksam to own 7% of the Sweden-based company's capital.

* Klövern AB (publ) signed a contract to buy a property in Copenhagen, Denmark, for 1.42 billion Danish kroner. The building, being sold by Genesta, has a lettable area of about 31,700 square meters and is fully let to Kammeradvokaten, Rigsarkivet and DSB. The property on Kalvebod Brygge will be transferred to Klövern after full refurbishment is completed by April 2021.

* Union Investment bought a retail and office property in Helsinki from Finnish investment company Sponda for roughly €148 million, Europe Real Estate reported. The 1898-built asset spans roughly 8,300 square meters and is let to 22 companies.

* Patrizia AG sold 283 residential units in Copenhagen and north of Copenhagen to Lægernes Pension, a Danish pension fund for doctors. The units span roughly 22,700 square meters across nine properties.


* AEW acquired a company holding the Trône Square office building in Brussels from GLL Real Estate Partners GmbH on behalf of its AEW Europe Value Investors II fund, according to Europe Real Estate. The property spans roughly 7,000 square meters of high-quality office space across eight floors and is 53% let to two tenants.

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