Pbb launches flotation
Deutsche Pfandbriefbank has launched its initial flotation offer of 75.1% of the company. The 101m shares will be offered at between €10.73 (£7.71) and €12.75 per share. The German government will retain a minimum 20% of all shares with an interest in the balance. The shares will start trading on the Frankfurt Stock Exchange on 16 July.
Empiric in £50m share issue
Student housing group Empiric Student Property has launched a £50m institutional share placing to raise funds for its UK development pipeline. It plans to issue 300m new shares at 105.75p per share via a programme that is valid until 29 October 2015.
Partners Cross the Ocean
Stone Point Capital and Graham Goldsmith have formed Cross Ocean Partners with a $240m (£156m) capital injection and the acquisition of Capula Investment Management’s European Special Situations business. Steve Zander, head of ESS, and Goldsmith will be co-chief investment officers at Ocean Partners and will invest in distressed assets including real estate.
Patron fund buys mortgages
Patron Capital’s Fund IV has acquired a £25m portfolio of 941 shared equity mortgages from Galliford Try. The mortgages are secured against assets in 101 of Galliford’s schemes and were originated between 2008 and 2013. Lloyds Bank, which oversaw the bidding, advised Galliford to free the locked-in value of the loans to finance new land and projects.
