Mills & Reeve, led by real estate partner Caroline Hanratty and corporate partner Chris Ross, advised the Wilmslow-based joint venture vehicle on all aspects of the deal including site acquisition, funding and the hotel franchise agreement.
The Hampton by Hilton Hotel will be developed at the Royal Docks near the ExCel Exhibition Centre. The development is a joint venture between GB and Marick Capital and will be operated under the Hilton brand.
The IPO of this major real estate company represents one of the largest IPOs on Oslo Børs in recent times. It is also the first privatization in many years.
Entra ASA and the Norwegian Ministry of Trade, Industry and Fisheries announced that they had launched the Offering and that Entra had applied for listing. According to the announcement, the shares of Entra are expected to be admitted to listing and commence conditional trading on Oslo Børs on 17 October 2014.
Hemsö has acquired an elderly care home in Aachen, Germany, for SEK 100 million. Hemsö has entered into a long term lease with the home’s operator CMS Dienstleistungen GmbH.
Hemsö is a property company that owns, manages and develops buildings for community services in Sweden and Germany. Hemsö’s property portfolio in Germany, managed from the company’s office in Berlin, comprises 23 elderly care homes. The Hemsö group is owned by The Third Swedish National Pension Fund (85%) and Sagax (15%).
Noerr has advised Deutsche Annington Immobilien SE on today’s agreement to sell a part of the former Vitus portfolio to a subsidiary of LEG Immobilien AG. The transaction involves around 9,600 residential units in North Rhine-Westphalia and the associated asset and property management of Vitus.
A subsidiary of LEG Immobilien AG (“LEG”), acting as the buyer, and Deutsche Annington Immobilien SE (“Deutsche Annington”), acting as the seller, yesterday signed an agreement for a portfolio transaction for around 9,600 residential units and related employees in North Rhine-Westphalia by way of share deal. The total transaction volume amounts to €484m. Following antitrust approval, the closing of the transaction is expected by the end of October 2014.
Irwin Mitchell's banking & finance, corporate and real estate teams have advised Elston Holdings Ltd on its acquisition of Market Gate Shopping Centre, Lancaster from a private owner for approximately £22m.
Elston Holdings Ltd is owned by AREO S.a r.l. (which is advised by Chenavari Investment Managers) and Roubaix Group (the specialist property investment business recently founded by Chris Beckerman). The deal was completed via a corporate purchase in an off market transaction and represents the first joint venture between Chenavari and Roubaix.
Norton Rose Fulbright has advised the US property fund American Reality Capital Global Trust (ARC) on the acquisition of RWE’s headquarter buildings in Essen, Germany.
Via its real estate company NRW.URBAN, North Rhine-Westphalia sold properties on the former industrial complex of coal mine Zollverein I/II/VIII, where the new Folkwang University of the Arts will be built for the state from 2015. The state of North Rhine-Westphalia will rent the buildings. Buyer and landlord is Essen-based Welterbe Entwicklungsgesellschaft mbH & Co. KG – a merger of RAG Montan Immobilien GmbH and project developers Kölbl Kruse GmbH of Essen.
Weil is advising the Board of Directors of American Realty Capital Properties, Inc. (ARCP) in its sale of Cole Capital, ARCP’s private capital management business, to RCS Capital Corp. The total value of this transaction is expected to be at least $700 million. As part of the transaction, ARCP will be entitled to receive an additional earn-out of up to $130 million.
CMS in London has advised Enterprise Inns plc (“ETI”) on a substantial refinancing transaction which completed today. The refinancing involved:
* A tender offer by ETI in respect of its £600 million secured bond issue maturing in 2018. The nominal amount of bonds tendered and purchased was £249.5 million.
* A new issue by ETI of £249.5 million secured bonds maturing in 2023 to finance the tender offer in part.
* A new £138m revolving credit facility on improved terms.