US investment bank Goldman Sachs has outbid rival Merrill Lynch in the latest twist in a bidding war for Italian real estate fund Berenice. Through its Zwinger fund vehicle, Goldman said in a filing with the Italian stock exchange Thursday it has offered EUR 913 for each unit of the fund, up EUR 142 from its previous bid of EUR 771 per unit. That same day, Merrill Lynch's ’s Galante vehicle said it is now offering EUR 827 per unit, up EUR 53 per unit from its previous bid of EUR 774 per unit.
US investment bank Goldman Sachs has outbid rival Merrill Lynch in the latest twist in a bidding war for Italian real estate fund Berenice. Through its Zwinger fund vehicle, Goldman said in a filing with the Italian stock exchange Thursday it has offered EUR 913 for each unit of the fund, up EUR 142 from its previous bid of EUR 771 per unit. That same day, Merrill Lynch's ’s Galante vehicle said it is now offering EUR 827 per unit, up EUR 53 per unit from its previous bid of EUR 774 per unit.
Goldman said its offer is conditional on Italian property group Pirelli & C. Real Estate, which manages the fund, not going ahead with the proposed sale of five properties in Rome owned by Berenice. Goldman questioned the logic of the sale of the properties, saying the decision to sell seemed to be based on defensive arguments.
It was Pirelli Re who set off the bidding war for the fund, offering some EUR 540 per unit for Berenice in June. Berenice owns assets valued at more than EUR 800 mln.
