Northern European Properties Limited in IPO
November 15, 2006
Cleary Gottlieb was English and U.S. counsel to Citigroup Global Markets Limited, the Underwriter, and Citigroup Global Markets U.K. Equity Limited, the Nominated Adviser, in Northern European Properties Limited’s initial public offering on the Alternative Investment Market of the London Stock Exchange. The offering closed on November 15.
Northern European owns a portfolio of 84 commercial and hotel real estate properties in Sweden, Finland, Denmark and Lithuania. Within the next twelve to eighteen months, Northern European intends to acquire at least €750 million worth of additional properties in these Nordic and Baltic Regions, with a particular focus on expansion into the area in and around St. Petersburg, Russia. Northern European has selected LR Real Estate Management AB, a subsidiary of London & Regional Group, to manage both the existing portfolio and the portfolio’s expansion. London & Regional Group is a London-based property company that owns a £3.5 billion portfolio of commercial and hotel properties located in the UK, Europe and South Africa.