GLOBAL - EPN Holdings has acquired a majority stake in EDT Retail Trust for $242m (€171m), with plans to fully acquire the Trust and likely de-list it from the stock exchange.
EPN Holdings has increased its ownership of EDT from 48% to 96%.
Under the terms of the deal, EPN Holdings, which was formed as a joint venture between Plaza Centers and EPN GP, has increased its ownership of EDT from 48% to 96%.
It said it would offer to buy the remaining 4% of stocks, while it was also expected EDT would de-list from the Australian Stock Exchange.
EDT is a listed real estate investment trust with assets of $1.4bn, maintaining a portfolio of 48 assets with total area of 10.9m square feet.
In other news, real estate private equity firm Accrue Capital has purchased a mixed portfolio from the Duke of Northumberland.
The so-called Hotspur portfolio contains retail and office, as well as industrial units, and was previously owned by the Duke's holding company Northumberland Estates.
The acquired portfolio produces a net income of £1.2m (€1.4m), with average lease length of more than five years and well-known tenants such as pharmacy chain Boots and Barclays.
Accrue Capital also released performance results for its subsidiary Heathcroft Properties, which earned a profit of £1.8m and grew its net asset value by 5.9% to £33.6m.
Meanwhile, Tamar European Industrial Fund announced two transactions for warehouse property near Lyon, France totaling €1.4m.
The property in Pontcharra-sur-Turdine, northwest of Lyon, retains a sitting tenant with more than three years remaining on the lease. One of the sub-tenants purchased part of the property.
The main tenant also paid the fund a surrender premium of €100,000, bringing total sale revenue to €1.5m, 6% more than of its latest valuation.
Other deals saw investment manager Rockspring and shopping centre developer ECE acquire Olympia Shopping Centre in Brno, Czech Republic, from the Somerston Group.
The centre will be jointly owned by the two companies, with an even equity split and ECE taking responsibility for management and leasing duties.
In Germany, Union Investment has acquired an office complex in the centre of Wiesbaden for an undisclosed sum.
The deal comprises a listed former police station, as well as two other houses, previously owned by Quantum Immobilien. The area - of which two-thirds is office space and the remainder retail - is 90% let at present.
While Union would not reveal the price paid by DEFO-Immobilienfonds 1, one of its Spezialfonds, it comes in the wake of restructuring that sees it focus on smaller objects in the price range of €15m to €70m.
Finally, Tristan Capital Partners and PAMERA Real Estate Group have purchased a retail and residential complex in central Düsseldorf, Germany.
In a joint venture, PAMERA and Tristan's fund CCP III acquired the three-part property.
The property is split into an 11,600 square meter retail centre, which is anchored by supermarkets Edeka and Aldi, a two-floor parking garage and a residential area with more than 280 units.
The deal was valued at €34m and marks CCP III's first transaction since it stopped raising capital in June.
The complex will be anchored by two of Germany's larger supermarket chains, Edeka and Aldi, and has a further 280 residential units.
