Palmer Capital has emerged as the frontrunner in the race to acquire London-listed Invista Real Estate Investment Management. In a statement on Monday, Palmer Capital said it has received an irrevocable undertaking from two of Invista REIM's largest shareholders to back a bid that values Invista at about £40 mln (EUR 50 mln).
Palmer Capital has emerged as the frontrunner in the race to acquire London-listed Invista Real Estate Investment Management. In a statement on Monday, Palmer Capital said it has received an irrevocable undertaking from two of Invista REIM's largest shareholders to back a bid that values Invista at about £40 mln (EUR 50 mln).
Palmer Capital, a London-based real estate and venture capital firm, is offering 14.75 pence for each Invista ordinary share and £1 per preferred ordinary share. The EUR 50 mln price tag is about 18% higher than a rival offer from European investor Internos Real Investors.
HBOS Insurance & Investment Group and The Wellcome Trust - the largest investors in Invista REIM - have switched their initial support for Internos to Palmer Capital. HBOS Insurance & Investment Group holds 54.5% of the ordinary shares and 100% of the preferred shares. The Wellcome Trust holds 24.4% of the ordinary shares. Their backing for Palmer Capital represents just under 79% of the share capital in Invista REIM.
Invista REIM had £749 mln of commercial real estate under management in Europe and Asia at end-2011.
