EMEA
Temasek agreed to purchase 30% of the shares in Haldor Topsoe, one of the world’s leading industrial catalyst producers. The closing of the agreement is expected later this year. Haldor Topsøe Holding, which is 100% owned by the Topsøe family, will remain the long-term majority shareholder. Financial terms were not disclosed, but it is rumoured to value the target at roughly $1.5bn.
Haldor Topsoe selected Temasek in recognition of the value that the global investment company would add through its profound insights and connections in Asian growth and other emerging markets.
"We are extremely pleased to welcome Temasek as our new minority shareholder in Haldor Topsøe. As a commercial investor, Temasek's capital will further enhance our considerable growth potential organically and through potential acquisitions. In addition, Temasek is an experienced investor with significant insights and networks in Asian growth markets, including China. We look forward to truly beginning our collaboration when the agreement closes," says Jakob Haldor Topsøe, Chairman of the Board of Directors, Haldor Topsøe Holding.
SEB, Citi and Kromann Reumert advised Haldor Topsøe Holding and Haldor Topsoe on the transaction. Nomura and Plesner advised Temasek.
FUJIFILM Corporation agreed to acquire the shares of Biogen's subsidiary, which holds Biogen's biologics manufacturing operations in Hillerød, Denmark, for up to $890m in cash, subject to minimum purchase commitment guarantees and other contractual terms.
As part of the proposed transaction, Biogen will enter into manufacturing services agreements with Fujifilm. Following the completion of the transaction, Fujifilm will use the Hillerød site to produce commercial products for Biogen as well as other third-party products.
"We are proud to combine the talent and expertise of the Hillerød employees with Fujifilm's capabilities as an industry-leading contract development and manufacturing organization," said Paul McKenzie, Ph.D., Biogen's Executive Vice President, Pharmaceutical Operations and Technology. "We will work with Fujifilm with the goal of ensuring a smooth transition and reliable supply for our customers and patients."
Sumitomo Corporation agreed to purchase 100% shares in Q-Park Operations, being the holding company for parking facilities in Sweden, Norway, and Finland, from KKR & Co. The acquisition is subject to customary antitrust approvals. Financial terms were not disclosed. However, the deal is rumoured to be worth around €400m ($450m).
Q-Park Nordics is the largest provider of parking facilities in Sweden, Norway, and Finland with about 20% market share in these respective countries. The deal allows KKR to retain Q-Park operations outside the Nordic region. The buyout firm bought the entire Q-Park group in 2017 for about €2.9bn ($3.5bn) enterprise value.
Citi advised Q-Park Group and KKR.
Bowmark Capital increased cash offer for Tax Systems to £102m ($133m), a leading provider of corporate tax software and services in the UK and Ireland. The 115 pence (150 cents) per share price represents a premium of approximately 14.4% to the closing price on 6 February 2019.
Tax Systems Non-Executive Chairman Clive Carver said: "The independent directors believe that Bowmark will be an excellent partner to Tax Systems and its management, and believe the acquisition is in the best interests of all our stakeholders, and unanimously recommend that shareholders vote in favour of the resolutions relating to the acquisition."
Oakley Advisory, finnCap and K&L Gates advised Tax Systems. HSBC, Rothschild & Co, Altium, Hogan Lovells, and Stephenson Harwood advised Bowmark Capital.
TPA Capital has completed the acquisition of a controlling stake in Pallet-Track Limited, a provider of services to the palletised freight sector. Pallet-Track comprises almost 90 haulier members who leverage the network to provide nationwide coverage to their customers.
Ravi Aujla, Investment Director at TPA Capital, says: “We’re incredibly excited to be in a position to support Pallet-Track on the next stage of its journey. Under Nigel’s astute stewardship the business has grown into one of the leading pallet networks in the UK, which is a testament to the quality of the Pallet-Track team and its members. We were attracted to the culture of collaboration and the focus on premium service that Pallet-Track has fostered within the network. We look forward to partnering with the Pallet-Track team and its members to help realise their long-term ambitions.”
TPA was advised by Livingstone Partners, Pinsent Masons, BDO and Jones Hargreaves. The vendors were advised by Clearwater International, George Green, PwC and CIL.
The Carlyle Group has acquired a 40% stake in Jeanologia, a Spanish maker of denim manufacturing equipment, in a deal that values the company at €150m ($169m).
Washington-based Carlyle bought the stake from Spanish private equity group MCH, which acquired a minority stake in 2016. The buyout fund is expected to grow the brand internationally and expand its research & development efforts. As part of the deal, Carlyle’s Alex Wagenberg, who was behind the recent acquisition of Spanish cava maker Codorniu, will join the board of Jeanologia. An official announcement is expected on Wednesday.
News Corp to join the auction to bid for Acuris, financial data provider. (FS)
According to Financial Times, traditional media companies, including Rupert Murdoch's news business, and the world's largest rating agencies are set to enter a bidding war to acquire Acuris, the owner of Mergermarket, as an auction gets officially underway this week.
Murdoch's News Corp and German media company Axel Springer are among the media groups that have recently expressed interest in the financial news company, which could fetch more than £1bn ($1.3bn) in a sale. Separately, Fitch, Moody's and S&P Global have also expressed an interest in the subscription-based information group after its owner, BC Partners, appointed bankers for a sale. Buyout groups, including KKR, Advent International and Hellman & Friedman in the US, and EQT in Europe are also exploring bids for the owner of Mergermarket and Debtwire news and data services.
BC Partners bought the business from Pearson — the former owner of the Financial Times — for £382m ($499m). It has since more than doubled in value after Singapore's GIC bought a 30% stake valuing the business at about £1bn. ($1.3bn) Since being acquired by BC Partners, Acuris has seen double-digit growth and has annual EBITDA of £75m ($98m).
Digital car insurance provider Friday raised €114m. (FS)
Overall, €39m ($44m) comes from a media-for-equity deal with SevenVentures and the media investor German Media Pool, while its founder and majority shareholder Baloise Group is investing an additional €75m ($84m) in the company.
Friday hopes the investment round will stimulate future growth and support further product development. “By opening up Friday to new investors, we’re taking the next step with partners that FRIDAY knows well and to assist in scaling. We’re pleased to have enlisted these trusted partners as investors,” said Friday CEO Christoph Samwer.
HNA weighs sale of a stake in Glencore-backed HG Storage.
According to Bloomberg, HNA Group is considering a sale of its majority stake in oil storage and logistics business HG Storage International, as the embattled Chinese conglomerate seeks to cut debt through asset sales.
The group has started to sound out potential buyers for the 51% holding. HNA is seeking a valuation close to the $775m it agreed to pay for the stake in its 2017 deal with Glencore.
Renault in talks over new governance structure with Nissan and Mitsubishi.
French carmaker Renault said it was in talks with its Japanese partners Nissan and Mitsubishi Motor over a new alliance body for the three companies.
"In response to recent press reports, Renault confirms that it is in discussions with its Alliance partners Nissan Motor and Mitsubishi Motor regarding the establishment of a new Alliance body in order to enhance and ensure further collaboration," Renault said in a statement.
"The proposed arrangement will have no impact on the existence of the RAMA (Restated Alliance Master Agreement), and the cross-shareholding structure, which will both remain in place," added Renault.
EQT raises €9bn for its biggest infrastructure fund.
EQT has amassed €9bn ($10.1bn) for an infrastructure fund, extending a blitz of fundraising that has sparked concern the private equity industry will end up overpaying for assets. Pension and sovereign wealth funds were among those who handed money over to EQT, which raised the fund in six months and exceeded an initial target of €7.5bn ($8.4bn). The bulk of the money will be invested in Europe and North America.
EQT, which has invested in 27 infrastructure deals since 2008, is likely to face plenty of competition as it seeks to spend the money. Canada’s Brookfield Asset Management and New York-based Global Infrastructure Partners are each seeking to raise $20bn to pursue infrastructure deals, while Paris-based private equity company Ardian has recently gathered €6bn ($6.7bn).
The new EQT fund will focus on energy, transport, and logistics, telecoms, alongside environmental and social infrastructure. EQT’s infrastructure funds have delivered realised a gross internal rate of returns of 34%.
Five Arrows Principal Investments to close fundraising at €1.3bn. (FS)
Rothschild & Co has completed the final closing of Five Arrows Principal Investments III, its third European corporate private equity vehicle. This is the 15th fund raised above its expected target by Rothschild & Co over the last ten years, which brings the total assets under management in the Merchant Banking business to approximately €11bn ($12.4bn) across four strategies: corporate private equity; senior and junior credit; primary and secondary fund investing; and co-investments.
Investors in the Fund represent a globally diversified group of institutions, corporations, international family offices, and entrepreneurs from Europe, North America, and Asia. Rothschild & Co, the partners and senior staff of the firm, and the Fund's investment executives have also made a substantial commitment to FAPI III.
AMERICAS
Barrick Gold Corporation and Newmont Mining Corporation signed an implementation agreement to create a joint venture combining their respective mining operations, assets, reserves, and talent in Nevada. The joint venture will allow them to capture an estimated $500m in average annual pre-tax synergies in the first five full years of the combination, which is projected to total $5bn pre-tax net present value over 20 years.
Barrick will be the operator of the new joint venture. Barrick will hold 61.5% of the ownership, while Newmont will own 38.5%. Board representation will be based on ownership. The establishment of the joint venture is subject to the usual conditions, including regulatory approvals, and is expected to be completed in the coming months. The joint venture will exclude Barrick's Fourmile project and Newmont's Fiberline and Mike deposits, pending the determination of their commercial feasibility.
"We listened to our shareholders and agreed with them that this was the best way to realize the enormous potential of the Nevada goldfields' unequalled mineral endowment, and to maximize the returns from our operations there. We are finally taking down the fences to operate Nevada as a single entity in order to deliver full value to both sets of shareholders, as well as to all our stakeholders in the state, by securing the long-term future of gold mining in Nevada," said Barrick President and CEO, Mark Bristow
"This agreement represents an innovative and effective way to generate long-term value from our joint assets in Nevada and represents an important step forward in expanding value creation for our shareholders. Through the joint venture, we will also continue to pursue the highest standards in safety, along with responsible and meaningful engagement with our employees, communities, and other stakeholders," said Gary Goldberg, CEO of Newmont.
Earlier, on 11 March 2019, Barrick Gold Corporation withdrew its $18bn hostile bid for Newmont Mining. The bid, which was announced last month, was firmly rejected by Newmont. Instead, the companies opted to form a joint venture in Nevada.
Blackstone closed the purchase of 100% of the membership interests in TGE's general partner, as well as an approximately 44% economic interest in Tallgrass Energy from affiliates of Kelso & Company, The Energy & Minerals Group and Tallgrass KC, an entity owned by certain members of TGE's management, for total cash consideration of approximately $3.3bn. Affiliates of GIC, Singapore's sovereign wealth fund, and Enagàs, a Spanish energy company, are minority investors in the transaction.
Spain's Enagas will pay, as part of a consortium deal, $590m for a 10.93% indirect ownership interest in U.S. energy infrastructure company. Blackstone will retain a majority, GIC will retain a minority stake, and Enagas will own almost 25% of the holding company at closing. Enagas agreed to acquire an additional 3.5% of the holding company for approximately $83m, subject to the completion of conditions.
Baker Botts advised Tallgrass Energy. Sidley Austin advised GIC. Citi and Vinson & Elkins advised Blackstone. Rothschild & Co advised Enagas.
Harvest Health & Recreation, a vertically integrated cannabis company with one of the largest footprints in the U.S., agreed to acquire Verano Holdings, an arm's length third party, one of the largest privately held multi-state, vertically integrated licensed operators of cannabis facilities, in an all-stock transaction for an estimated purchase price of approximately $850m based on a share price of CAD8.79 ($6.55). The combined company will be one of the largest multi-state operators in the U.S., as measured by licenses held and facilities permitted.
"The combination with Verano fits perfectly with our vision of creating the world's most valuable cannabis company," said Jason Vedadi, Executive Chairman of Harvest. "We are confident that this is an opportunity to continue to leverage each of our company's strengths and drive continued shareholder value, while at the same time achieving the scale we know will give us a leadership position in one of the largest cannabis markets in the world."
Eight Capital and INFOR Financial advised Harvest.
Smith & Nephew, the global medical technology business, agreed to acquire Osiris Therapeutics, a fast growing company delivering regenerative medicine products, including skin, bone graft, and articular cartilage substitutes, for $19 per share in cash, representing a total equity value of approximately $660m.
Smith & Nephew will commence a two-step tender offer to purchase all of the outstanding shares of Osiris common stock for $19 per share in cash. The purchase price represents a 37% premium over the 90-day volume weighted average price of Osiris' shares before the announcement.
Namal Nawana, Chief Executive Officer, Smith & Nephew, said: "Greater presence in the fast-growing regenerative medicine market enhances our portfolio and will help immediately accelerate our wound management business as well as provide longer-term innovations in additional channels and indications. We sought out a fast growing portfolio with strong clinical evidence addressing critical needs in the marketplace."
Cantor Fitzgerald and Hogan Lovells advised Osiris Therapeutics. FTI Consulting advised Smith & Nephew.
According to Reuters, Daniel Loeb's hedge fund Third Point owns a small stake in Celgene Corp, betting that the proposed $90bn sale of the biotechnology company to Bristol-Myers Squibb Co will be completed.
Activist hedge fund Starboard Value, which holds a small stake in Bristol-Myers, is urging its shareholders to vote down the Celgene deal. Third Point's trading position in Celgene is passive, and the hedge fund has no plans to agitate publicly. Wellington Management, one of Bristol-Myers' top shareholders with a nearly 8% stake, cast uncertainty over the Celgene deal last month, saying it was too risky and expensive.
Bristol-Myers shareholders will vote on the Celgene deal on April 12.
Citigroup, JP Morgan, Simpson Thacher & Bartlett, and Wachtell Lipton Rosen & Katz advise Celgene. Bank of Tokyo Mitsubishi, Morgan Stanley, Dyal, Evercore, Morgan Stanley, Kirkland & Ellis, and Joele Frank advise Bristol-Myers Squibb.
The chief executives of T-Mobile US and Sprint Corp, which are seeking to merge, head back to Capitol Hill on Tuesday to defend their planned $26bn deal. T-Mobile Chief Executive John Legere and Marcelo Claure, executive chairman of Sprint, will be the stars among the six witnesses who testify before the House of Representatives Judiciary Committee's Antitrust Subcommittee.
The deal needs approval from the Justice Department and the Federal Communications Commission. It is unpopular with some lawmakers. Eight progressive senators signed a letter asking the Trump administration to reject the deal, including presidential candidates Bernie Sanders, Amy Klobuchar, and Elizabeth Warren.
To win support for the deal, T-Mobile previously said it would not increase prices for three years. Sprint said it hopes to complete the regulatory approval process by the end of June.
Sprint Corp is advised by Centerview Partners, JP Morgan, Mizuho, SMBC, The Raine Group, Morrison & Foerster, Potter Anderson & Corroon, Simpson Thacher & Bartlett, and Skadden Arps Slate Meagher & Flom. SoftBank, the largest shareholder of Sprint before the transaction, is advised by Morrison & Foerster on legal matters. Deutsche Telecom is advised by Deutsche Bank, Evercore, Goldman Sachs, Morgan Stanley, PJT Partners, Allen & Overy, Hogan Lovells, DLA Piper, Latham & Watkins, Richards Layton and Finger, and Wachtell Lipton Rosen & Katz.
Kelso & Co-backed Risk Strategies, rapidly growing national insurance brokerage and risk management firm, acquired Krauter & Co, which specializes in working with private equity firms and their portfolio companies providing due diligence and transactional risk products. Financial terms were not disclosed.
"Private equity is a fast-paced, high stakes world where specialty knowledge is key to keeping deals on track and ensuring they work out as expected," said Mike Christian, founder, and CEO of Risk Strategies. "Krauter & Company has earned a top-tier reputation in this regard and its approach and expertise are well-aligned with Risk Strategies' client focus and culture.”
Railroad owner Genesee & Wyoming is exploring a stake sale. (FS)
According to Bloomberg, Genesee & Wyoming, an owner and operator of railroads, is exploring strategic options including the sale of all or part of itself.
The company is working with a financial adviser and has begun early-stage talks with potential suitors including Brookfield Asset Management and other infrastructure-investment firms.
Genesee & Wyoming, which has interests in 120 freight railroads worldwide, had a market capitalization of about $4.6bn as of Friday's close.
Software firm Cloudflare raised $150m. (FS)
Cloudflare, a U.S. startup whose software makes websites more secure and load faster, had raised $150m in the latest funding round, led by global investment firm Franklin Templeton. Cloudflare did not disclose the valuation at which it received the funding.
The company’s last $110m funding round in 2014 included investors such as CapitalG (formerly Google Capital), Microsoft, Baidu and Qualcomm. The San Francisco, California-based company had been looking to go public in the first half of this year that could value it at more than $3.5bn.
Blackstone’s GSO competing for €1.5bn financing deal on Advent’s €3bn acquisition of Evonik. (FS)
Blackstone made an effort to offer a €1.5bn ($1.7bn) loan to back a deal done by its rival, Advent International. The offer — the largest of its kind — was eventually rejected last week. However, the scale of the potential financing is seen as a sign that private equity groups are posing a challenge to the traditional banking services.
The loan from GSO, Blackstone’s credit division, would have backed Advent’s acquisition of Evonik’s acrylic sheets business. The listed German chemicals company announced it was selling its unit best known for producing Plexiglas for €3bn ($3.4bn), with private equity group Advent beating other bidders including petrochemicals group Ineos.
According to Financial Times, Advent declined GSO’s offer because the debt would have cost significantly more than the leveraged loans, placed with institutions, it has opted for. Blackstone’s deal would have carried an interest rate as high as 7.5 percentage points above the benchmark. Recent leveraged loans have generally come in at 4-4.5%.
Ford praised the partnership with VW.
Ford Motor and Volkswagen, which have been in talks to team up on electric and autonomous vehicles, make for good partners because both recognize the extent of the challenges ahead, according to Bill Ford, executive chairman of the U.S. automaker.
“We fit together geographically really well, product-line-wise, we fit together well,” Bill Ford, the great-grandson of founder Henry Ford, said. “We both came to the same realization that as big as our balance sheets are, no company can do this alone.”
TPG Real Estate Partners closed a $3.7bn fund. (FS)
TPG Real Estate Partners, the dedicated real estate equity investment platform of TPG, closed its latest opportunity fund, TPG Real Estate Partners III. The fund secured over $3.7bn of capital commitments and was oversubscribed.
"From self-storage to senior living, we focus on building property-rich platforms in high-growth asset classes and markets, as well as in select areas of dislocation," said Avi Banyasz, Partner and Co-Head of TPG Real Estate. "Looking ahead, we will continue to execute our strategy of investing in real estate-intensive businesses, particularly in sectors where we believe we have proprietary insight and operational competitive advantages."
Arcline raised $1.5bn PE fund. (FS)
Arcline Investment Management, a U.S. private equity firm set up by former Golden Gate Capital dealmaker Rajeev Amara, raised $1.5bn, the largest debut for a North American buyout fund in almost a decade. Arcline began fundraising in October and closed at its "hard cap" limit, or the maximum it could raise.
Arcline's strategy is to buy middle-market industrial businesses, which the firm defines as companies with less than $1bn in revenue, and boost earnings without using add-on acquisitions.
APAC
Intellectual property services provider IPH offered to buy smaller rival Xenith Ip Group for about AUD175m ($124m). IPH is offering AUD1.97 ($1.39) in cash and equity for each share in Xenith. The offer represents a premium of about 23% to Xenith's last close.
Xenith is in the process of merging with peer QANTM Intellectual Property. QANTM made an all-equity bid for the company in November 2018 and offered 1.22 of its shares for each share in Xenith. IPH, which had acquired a nearly 20% interest in Xenith last month, said its proposal was superior to QANTM's, and that it planned to vote against the proposal.
"We believe our proposal to Xenith provides a great opportunity to bring together two high-quality IP businesses and to draw on the strengths, skills and advantages of each member firm to realise opportunities for our people, our clients and our shareholders," said Dr. Andrew Blattman, Managing Director & CEO, IPH.
Automotive components supplier Mahindra CIE Automotive acquired Aurangabad Electricals, an aluminium die casting firm, for INR8.8bn ($126m).
The acquisition will help Mahindra CIE foray into the aluminium die casting space, as well as strengthening its presence in the two-wheeler segment. The acquisition is expected to be completed by 10 April.
Ander Arenaza, Chief Executive Officer of MCIE, says “This acquisition allows MCIE to enter the aluminum die casting technology. AEL´s complementary product and customer mix leads to further diversification of the business portfolio of MCIE India, strengthening especially our presence in the two-wheeler space. The company has very good manufacturing processes and internal controls and is run by a very capable team.”
Verdant Minerals agreed to an acquisition by London-based private equity firm CD Capital of all of the issued shares in Verdant, other than shares held by major shareholder Washington H. Soul Pattinson.
Should the scheme be implemented, Verdant shareholders will receive 3.2 Australian cents (2.3 cents) per share held as at the scheme record date (June 17, 2019). This values Verdant at about AUD41m ($29m) on a fully-diluted basis and represents a 113% premium to the closing price of its shares on March 8, 2019, of 1.5 Australian cents (1 cent), being the last trading day before this announcement.
Commenting on the Scheme, VRM's Managing Director, Chris Tziolis, said "The advancement of the Ammaroo Phosphate Project will require significant capital which, at the market capitalisation and share price prior to the offer, is highly unlikely to be raised from existing shareholders and without very significant dilution. Subject to an independent expert's report and in the absence of a superior competing proposal, I have voted with my fellow independent directors to recommend CD Capital's proposal to VRM's shareholders."
Ashurst advised Verdant Minerals. EY Law advised CD Capital.
Etihad to infuse funds in India's Jet Airways.
According to Mint, Etihad Airways and the Naresh Goyal-led promoter group of Jet Airways are nearing an agreement that will see a total fund infusion of at least INR42bn ($601m), including an unidentified white knight investing in the cash-strapped airline and Goyal and his wife giving up executive powers and board duties.
The draft agreement envisages a "new investor" injecting between INR16bn ($229m) and INR19bn ($272m) for a stake of around 20% in the airline and the Goyal group's stake in Jet Airways falling to 17.1%, with a caveat that seeks to cap it at 22%. The consortium of lenders—led by the State Bank of India that has converted its dues into equity, will pump in an additional INR10bn ($143m) to take its eventual equity holding to 29.5%. Etihad will also infuse between INR16n ($229m) and INR19bn ($272m) to raise its shareholding to 24.9%. The exact details will be known once the Jet-Etihad deal is finalized.
Elliott to revamp board at Hyundai Motor. (FS)
Elliott Management’s efforts to revamp the boards of Hyundai Motor and Hyundai Mobis were given a boost Monday with a prominent shareholder advisory firm supporting some of its director nominees.
Institutional Shareholder Services urged investors in Hyundai Motor to support two of Elliott’s three nominees for the board. It also threw its support behind two of Elliott’s nominees at Mobis. In a partial win for the Korean group, ISS didn’t support Elliott’s call for the carmaker and its biggest shareholder to return almost KRW7tr ($6.2bn) in excess cash to shareholders through special dividends.
Alphabet's Waymo to seek outside investors.
According to DealStreetAsia, Alphabet's self-driving car division, Waymo, has been seeking financing from outside investors such as European automakers Volkswagen. Aside from Volkswagen, other potential investors could include automakers that now make cars for Waymo – Fiat Chrysler and Jaguar.
However, Volkswagen has not considered taking a minority investment in Google's autonomous cars project Waymo, Chief Executive Herbert Diess said on Tuesday, adding that talks about developing self-driving cars with Ford continue.
Malaysia weighs shutdown or sale of Malaysia Airlines.
Prime Minister Mahathir Mohamad said he's studying options for flag carrier Malaysia Airlines, including whether to invest more funds, sell it off or even shut the company down.
"It is a very serious matter to shut down the national airline," he said. "We will nevertheless be studying and investigating as to whether we should shut it down or we should sell it off or whether we should refinance it. All these things are open for the government to decide. We have to decide soon."
SoftBank-backed OYO to invest $200m in India and South Asia. (FS)
The fast-growing Indian hospitality company Oyo Hotels & Homes said it would invest INR14bn ($200m) to expand its businesses within the country and in South Asia, particularly Nepal, in 2019.
Gurugram-based OYO, run by Oravel Stays, said the investment is directed at its efforts to further double down on its expansion plans, improve customer experience, and ensure an increase in asset owner success.
Capital Group invests $125m in Blackstone-Embassy JV's REIT. (FS)
According to The Times of India, US-based investor Capital Group has come in as a strategic investor in Embassy Office Parks, India's first real estate investment trust, by putting in around $125m.
Sponsored by Blackstone and real estate developer Embassy Group the REIT is poised for a INR50bn ($700m) listing on the stock exchanges soon. The news report states that Capital will have a six-month lock-in once the REIT starts trading.
|
