TPG Real Estate Partners, the real estate equity investment platform of alternative asset management firm TPG, has filed a €21 per share offer for Intervest, a Belgian logistics and offices real estate investment trust.
The offer represents a 52% premium over Intervest’s closing share price on 5 October, its last day of trading after the shares were suspended by Belgian regulator, the FSMA.
TPG said the offer had support from “two of Intervest’s key shareholders” that have have provided irrevocable undertakings to tender their shares which, together with TPG’s existing ownership, represent 10.09% of the existing shares.
The acquisition by TPG “will allow Intervest to operate with greater flexibility to execute its strategic plan and pursue growth across its platform” the bidder said, adding that “despite Intervest’s highly attractive logistics portfolio, its more modest scale relative to its peers, non-core offices, and higher debt ratio have put pressure on the stock market valuation”.
Intervest’s supervisory board and management board confirmed unanimous support for the offer, and recommended it to shareholders as being “in the best interest of all stakeholders in the current challenging market environment”.
Joël Gorsele, CEO of Intervest, said: “We are pleased that TPG recognises the value and quality of our portfolio, the dedication of our team, and the future growth opportunities for the company. We believe this transaction represents the best path forward for our company.
“TPG has significant experience growing and scaling leading European logistics platforms, bringing to Intervest a robust network in the pan-European logistics market and a complementary vision for how to support and grow our platform long-term. We are excited for the opportunity to partner with TPG to enable Intervest’s next phase of growth.”
Michiel Celis, business unit partner at TPG Real Estate, said: “Intervest is a high-quality platform led by a best-in-class management team that invests in logistics properties strategically located across Belgium and the Netherlands. Working together, we see an opportunity to continue to grow Intervest’s presence across its existing and new markets, strategically selling down its small, non-core office portfolio and further establishing its position as a leading operator of high-quality logistics real estate.”
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