Pirelli RE and Morgan Stanley have, through their vehicle Gamma Real Estate, upped their offer for the closed-end real estate funds Tecla and Berenice. Gamma RE has launched a new offer of some EUR 685 for each quota of the Berenice fund and EUR 678 for each quota of the Tecla fund, in line with the net asset value of the two funds, Pirelli said. Both funds are focused on offices and are managed by Pirelli.
Pirelli RE and Morgan Stanley have, through their vehicle Gamma Real Estate, upped their offer for the closed-end real estate funds Tecla and Berenice. Gamma RE has launched a new offer of some EUR 685 for each quota of the Berenice fund and EUR 678 for each quota of the Tecla fund, in line with the net asset value of the two funds, Pirelli said. Both funds are focused on offices and are managed by Pirelli.
The new offer tops that announced by Goldman Sachs and Caltagirone on Tuesday. Goldman Sachs offered EUR 650 per quota for both funds. Shares in the Tecla and Berenice real estate funds were temporarily suspended pending the release of a statement, a bourse official said. Gamma RE's new offer comes to a total of EUR 748 mln, to be financed from its own resources and by bank debt fully guaranteed by Morgan Stanley, Intesa Sanpaolo and the Unicredito Italiano group.
Pirelli RE's first offer was EUR 590 for each quota in the Tecla fund and EUR 540 for each one in Berenice. The offers are for just over 550,000 quotas of Tecla, or about 88% of the total quotas issued, and for over 548,000 quotas of the Berenice fund, or about 95% of the total quotas issued. Pirelli RE, manager of both funds, owns the remaining 5% of Berenice's quotas, as well as 2% of Tecla. Gamma RE's offer is aimed at delisting the funds from the MTF segment of the Italian Stock Exchange and transferring them to a new company that could reportedly seek a listing in Amsterdam. Gamma RE already owns 10% of the quotas issued by Tecla closed-end fund.