LG cements Numisma links with retail deal
LG has cemented its ties with offshore property fund Numisma after acting on a major acquisition of a German retail portfolio.
September 05, 2007 at 09:29 PM
2 minute read
LG has cemented its ties with offshore property fund Numisma after acting on a major acquisition of a German retail portfolio.
LG real estate partner Christine Jackson led the team for Numisma as it acquired the Project David portfolio from German group Distributa in a deal worth around E500m (£339m). She was assisted by banking and finance partner Charles Malpass.
Lovells Frankfurt M&A partner Tim Brandi advised Distributa.
The Project David portfolio consists of 17 DIY stores operated by Hela, nine food stores and five hypermarkets, as well as a head office and distribution warehouse in south Germany.
Numisma has been a regular client for LG as it has built up its E1bn (£677m) fund.
Prior to this deal, Numisma had invested nearly E600m (£406m) in Germany and Switzerland, primarily in the retail, office and hotel sectors.
Numisma was launched in October 2005 as a joint venture between Guernsey-based Pervaiz Naviede Family Trust and the Stenham Group. It is managed in Manchester by McCafferty Asset Management.
LG also recently advised Numisma on a E250 (£169m) refinancing facility of Anglo Irish by Hypo Real Estate Bank. They advised alongside German practice Hoelters & Elsing on finance aspects.
LG is continuing to advise Numisma on related aspects arising from the completion of the fund.
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