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LondonMetric to acquire A & J Mucklow; Lone Star weighs IPO for developer Isaria

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LondonMetric to acquire A & J Mucklow; Lone Star weighs IPO for developer Isaria

* LondonMetric Property PLC offered to acquire the entire issued and to be issued ordinary share capital of A & J Mucklow Group PLC by way of a scheme arrangement. The company offered a combination of 2.19 new LondonMetric shares and 204.5 pence per share in cash in exchange for each Mucklow ordinary share.

* Lone Star is considering a potential sale or IPO for German property developer Isaria Wohnbau AG in the autumn. The private equity firm is targeting a valuation of approximately €500 million for the developer and has tapped VictoriaPartners as an adviser.

* Garbe Industrial Real Estate GmbH is planning a Frankfurt listing in the autumn in a deal that could value the logistics property group at approximately €700 million. The Hamburg, Germany-based company, which develops and operates logistics and corporate real estate in Germany and Europe, is expected to sell up to €400 million worth of shares in the IPO.

* Ires Residential Properties Ltd. was selected as the preferred bidder for the roughly €285 million purchase of a portfolio of 815 apartments in Ireland from Marathon Asset Management, The Irish Times reported. The deal for the XVI portfolio is the largest single sale of buy-to-let properties in the Irish market so far in 2019, the report added.

UK

* Oaktree Capital Management LP breached loan-to-value covenants on three retail properties, which were valued at a total of £105 million when Goldman Sachs loaned £70 million to the company in December 2017, Property Week reported, citing a notice from debt servicer CBRE.

The debt covenants were breached on The Kingsgate Shopping Centre in Dunfermline, The Rushes in Loughborough and The Vancouver Centre in King's Lynn, according to the report.

* NewRiver REIT signed a deal to buy four retail parks for a total of £60.5 million from Zurich Assurance Ltd., at a net initial yield of 9.8%. The properties are being acquired as part of the company's 50/50 joint venture with BRAVO Strategies III LLC, a fund managed by Pacific Investment Management Co.

* Build-to-rent developer Get Living is seeking approval for the £180 million development of 780 homes across a five-acre site on Globe Road in South Bank, Leeds, PW reported. The planning permission given to the previous site owner has been converted to feature eight residential buildings, new public spaces and a new hub building. Work on the site is expected to begin in late 2019 if approval is obtained.

* Heineken UK's Scottish & Newcastle Pension Plan committed £100 million to two M&G property debt funds, REFI Europe reported. The £3 billion pension fund injected £70 million into M&G Real Estate Debt Fund IV and £30 million into M&G Real Estate Debt Fund V. The pension plan also invested £80 million into Allianz Global Investors' infrastructure debt strategy, the report added.

* AEW and Allianz bought a 525,000-square-foot site in the East Midlands from CWC Group with a view to converting it into a 25-acre distribution center with warehousing and office space, PW reported.

* The Thackeray Estate divested the freehold of the One Brompton luxury residential building in London's Chelsea district to a private Asian buyer for more than £20 million, PW reported. The building includes 18 apartments and three retail units.

* Multinational companies, including shipping company Maersk and toymaker Mattel, are searching for office space totaling more than 200,000 square feet in the Thames Valley, PW reported. Maersk is seeking 80,000 square feet of office space in and around Reading, Slough or Maidenhead, and Mattel is seeking 20,000 square feet in the Slough and Maidenhead area. Consulting company CGI Group is scouting for roughly 40,000 square feet, and Blackberry is seeking 65,000 square feet of back-office and server space.

* According to Knight Frank, investment in U.K. student housing, the investment-grade private rented sector and the senior living rental sector is projected to surge to £146 billion by 2025 from £87.3 billion in 2019, PW reported.

Austria

* Allianz Real Estate plans to boost its real estate investments in Austria and central and Eastern Europe to up to €5 billion within 10 years from the current €3 billion, with €500 million to be invested over the next two years. The company plans to capitalize on the office boom in the region and will also invest in the residential and logistics markets.

Middle East

* Developer Arada obtained two loans collectively worth 1 billion dirhams from Mashreq Bank to finance its Aljada and Nasma Residences projects in the Sharjah emirate, Arabian Business reported.

The 24 million-square-foot Aljada mixed-use project will offer residential, retail, leisure and entertainment areas, while plans for Nasma Residences include over 900 homes, parks, a school and two retailers across a 5 million-square-foot plot in New Sharjah, the report added.

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