Large property-based deals in December were by no means Germany’s prerogative (see Deutsche Annington, page 71). In the same month, Burford Holdings became the latest in a line of UK property groups to turn its back on the public markets, through the medium of a public-to-private takeover led by Lehman Brothers.
Burford’s property portfolio includes office buildings, retail and distribution centres and the London Trocadero. Through the Thayer Properties vehicle, Lehman Brothers and management offered 121 pence per share for Burford, valuing the company’s stock at GBP498 million and the enterprise, inclusive of net debt, at GBP920 million. Lehman Brothers arranged both debt and equity finance for Thayer Properties.