Real estate investment trust Hispania Activos Inmobiliarios has agreed to be bought by Blackstone for around €2bn following a revised offer.
Hispania, a Spanish REIT (Socimi), said Alzette Investment, a vehicle controlled by Blackstone, has submitted a binding proposal to amend a voluntary takeover bid it launched on 12 June.
The offer has now been increased from €17.45 for each Hispania share to a revised bid price of €18.25 a share each.
Hispania said the revised bid price per share is adequate and that the directors of Hispania will “unanimously recommend” the price to Hispania’s shareholders.
Hispania became Spain’s first-ever REIT as it joined the Spanish Stock Exchange in March 2014, with backing from a number of investors including APG, Cohen & Steers and PIMCO.
Hispania’s current portfolio includes more than 180,000sqm in offices, 650 dwellings and 46 hotels. The real estate asset portfolio is currently valued at €2.81bn.
