Romania-based investor Black Sea Global Properties (BSGP) has launched a £40 mln (EUR 45 mln) offer to buy Deutsche Land, the London-listed German property investor. BSGP, which last week raised its stake in Deutsche Land to 32.1%, is now offering 12 pence in cash per share to buy the remaining stake in the company. Including Deutsche Land's net debt of £382 mln, the deal values the company at £422 mln.
Romania-based investor Black Sea Global Properties (BSGP) has launched a £40 mln (EUR 45 mln) offer to buy Deutsche Land, the London-listed German property investor. BSGP, which last week raised its stake in Deutsche Land to 32.1%, is now offering 12 pence in cash per share to buy the remaining stake in the company. Including Deutsche Land's net debt of £382 mln, the deal values the company at £422 mln.
Deutsche Land's management said in a statement that it has taken note of the offer and will inform its shareholders shortly as to whether it recommends acceptance. Deutsche Land owns a portfolio consisting of 54 properties, including the Main Airport Center in Frankfurt. The portfolio was valued at EUR 513 mln at end-June 2009, a 6.3% decline compared to its value of EUR 548 mln at year-end 2008.
The operation is the third corporate takeover by BSGP in recent months. Earlier this year BSGP acquired AIM-listed Fabian Romania and built up a 73.6% stake in Rutley European Property. In June, BSGP bought a 30% stake in Deutsche Land through an equity raising.
