The merger and takeover activities of real estate companies in Europe have strongly declined in 2003. The total size of the mergers and takeovers was US$ 27.6 bln. in 252 transactions. The year before there were less transactions (248) but with an approx. 38% higher total value of US$ 38.1 bln. Deutsche Bank was the most important adviser. This corporate bank was involved in approx. 19% of the total volume of US$ 27.6 bln.
This can be concluded from an analysis by the international real estate magazine Europroperty. In 2003 the total volume of mergers and takeover activities declined worldwide with a decline of 11% to US$ 72.3 bln. in 756 transactions.
The largest transactions on European soil in 2003 were the takeover of the Swedish listed real estate company Tornet by LRT Acquisition worth US$ 2.4 bln., the acquisition of Chateau Communities by the American residential developer Hometown America (US$ 2 bln.), the acquisition of Nordisk Renting by Royal Bank of Scotland (US$ 1.7 bln.) and the takeover of the Spanish Bami by Metrovacesa (US$ 1.5 bln.).
Deutsche Bank (DB), in 2002 5th on the European ranking, was the most important corporate bank involved. DB was responsible for US$ 5.2 bln. in which it advised amongst others Tornet and Bami. Right after DB come Merrill Lynch (US$ 4.1 bln.), Lazard (US$ 3.8 bln.) and Morgan Stanley (US$ 3.5 bln.). Deutsche Bank is also in first position of the worldwide ranking. DB handled US$ 10.1 bln. with 23 mergers and takeover transactions worldwide. Also in this list, Merrill Lynch closely follows DB with US$ 7.7 bln. in 13 transactions. In the top 25 of the advising corporate banks Jones Lang LaSalle debuts at 16 with US$ 337.6 mln. in deals advise.
Source: PropertyNL / Europroperty