PropertyEU explores how US private equity firm Lone Star clinched Germany's largest commercial property deal of 2012 with the purchase of the TLG portfolio for €1.1 bn.
PropertyEU explores how US private equity firm Lone Star clinched Germany's largest commercial property deal of 2012 with the purchase of the TLG portfolio for €1.1 bn.
Lone Star emerged ahead of rival bidders Cerberus Capital Management/Blackstone and Morgan Stanley Real Estate Funds in the race to acquire the portfolio, which comprises around 780 assets ranging from offices and shopping centres to hotels and retirement homes, largely located in Eastern Europe.
The transaction - understood to reflect a yield of 9.5% - was financed with nearly €600 mln in cash and a €500 mln corporate acquisition loan provided by Citigroup and Royal Bank of Canada.
Read the full Deal in Depth article in the PDF below.
