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Partners JV buys €550M EU assets; Flotonic's buyout offers for AFI unconditional


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Partners JV buys €550M EU assets; Flotonic's buyout offers for AFI unconditional

* Partners Group Holding AG and joint venture partner Peakside Capital bought a majority equity stake in a portfolio comprising 27 office properties and three logistics assets across Europe from Imfarr Beteiligungs GmbH and SN Beteiligungen Holding AG for over €550 million. The acquired assets are mostly in Germany, particularly in Munich, Hamburg and Stuttgart, while the remaining are in greater Paris and Amsterdam. The buyers will optimize the portfolio's value by repositioning several properties and working on other value creation opportunities.

* Flotonic Ltd. declared its $413 million cash buyout offers of Cyprus-based property company AFI Development PLC unconditional as to acceptances and in all respects. As of Jan. 13, Flotonic amassed acceptances amounting to 150,638,574 A securities of AFI, translating to 28.76% of the total issued A securities, and 138,297,668 B ordinary shares, representing 26.40% of the total issued B ordinary shares.

The offeror now owns 487,587,370 A securities, equivalent to 93.08% of the issued A securities, and 481,097,326 B ordinary shares, representing 91.84% of such issued shares. The offers will remain open for acceptance until 1 p.m. London time Jan. 27.

* Hansainvest Real Assets GmbH acquired a portfolio of seven logistics properties in the Netherlands for €240 million. The portfolio, acquired at the end of 2019, has a total leasable area of more than 190,000 square meters and consists of an existing building and six project developments in Amsterdam, Nieuwleusen, The Hague, Nootdorp and Ridderkerk. The properties being developed are expected for completion between June and October.

* The Office Group received £120 million in debt financing from Allianz Real Estate for the purchase and refurbishment of the Chancery House building in London. Once the refurbishment is completed, the roughly 150,000-square-foot prime asset will serve as the Blackstone Group Inc.-backed company's flagship property. The Office Group bought the Midtown property in October 2019 from Public Sector Pension Investment Board.

UK and Ireland

* Property developer Rockwell secured a £106 million funding from Aviva Investors for the development of a 400-bed hotel in London's Docklands, Property Week reported. Construction of the £151 million, 30-story Premier Inn hotel at 82 W. India Dock Road was started by Rockwell on Jan. 14 and is expected to finish in 2022.

Whitbread said in December 2019 it would lease the property's hotel and restaurant component for 30 years. Through its Lime Property Fund, Aviva bought the freehold interest of the hotel's site, according to the report.

* AXA Investment Managers - Real Assets leased 37,000 square feet of office space at its 22 Bishopsgate development in London to reinsurance broking and risk management company THB Group for 15 years. The company will move into the property in late 2020. The lease brings 22 Bishopsgate's pre-let space to around 800,000 square feet.

* Jeffrey Fairburn was appointed CEO by homebuilder Berkeley Deveer after buying a 50% stake in the company, The (U.K.) Telegraph reported. Fairburn was ousted as the chief executive of Persimmon PLC in 2018 following controversy over his £75 million bonus.

* Dublin City Council denied planning permission to Ternary Ltd.'s plan to demolish historic buildings in Dublin for a new office development, according to The Irish Times. The Larry Goodman family-backed company submitted in November 2019 its plan to develop an office property at the site of 47, 48 and 49 Kildare St. and 1 Nassau St. in the Irish capital's city center, according to the report.


* AnaCap Financial Partners LLP acquired a grade A office property in Bobigny, Paris, for an undisclosed amount through an off-plan forward contract. The asset being developed by BNP Paribas Immobilier Promotion and GA Smart Building spans roughly 16,300 square meters with 2,800 square meters of terraces and targets high environmental specifications. The property forms part of a bigger redevelopment project in the commune, which involves office space, residential units, public services and public space.


* Tristan Capital Partners LLP's EPISO 5 opportunity fund and Acciona SA's real estate unit Acciona Inmobiliaria formed a joint venture to develop a speculative office complex in the 22@ district in Barcelona for over €100 million. The grade A property complex will span four office buildings with a total area of 30,710 square meters and will target a LEED gold certification. Acciona Construcción started building the property at Carrer Selva de Mar 125 in August 2019 and the project will likely be delivered in the fourth quarter of 2021.

* The newly launched real estate arm of GPF Capital is acquiring the Axis Building in Madrid from CBRE Global Investors Inc. in a deal believed to be worth roughly €100 million, according to IPE Real Assets. GPF Capital Real Estate agreed to buy the 4,000-square-meter office property in the Spanish capital's Plaza de Colon. The former headquarters of Barclays is currently being redeveloped, according to the report.

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