Dinu Patriciu, the richest man in Romania, has moved to takeover the London-listed fund Rutley European Property and take a 30% stake in the Deutsche land fund.
Dinu Patriciu, the richest man in Romania, has moved to takeover the London-listed fund Rutley European Property and take a 30% stake in the Deutsche land fund.
Black Sea Global Properties (BSGP), an indirect wholly owned subsidiary of Patriciu's holding company Rompetrol, announced a cash offer on Friday for all the Rutley shares it does not already own.
The 6 pence per share offer amounts to a total cash commitment of £12.5 mln (EUR 14.6 mln).
The offer represents a premium of 107% to the closing price of 2.9p per Rutley Share on 27 March 2009, the last day prior to the announcement by Rutley that it had received approaches.
On 17 April 2009, BSGP announced that it had acquired 150,000 Rutley shares at 4.25p and was considering making an offer for Rutley.
Friday's offer values Rutley European, a Continental core-plus commercial real estate fund with a primary focus on Central Europe, at £446 mln, including net debt of £434 mln at end-December 2008.
Separately on Friday, AIM-listed Deutsche Land announced it was raising EUR 16.4 mln by placing 119 million new shares. BSGP subscribed to the new shares, giving it 30% of the enlarged capital of Deutsche Land, a fund that invests exclusively in German commercial real estate.
Patriciu was named by Forbes as the 462nd richest person in the world in 2008, with an estimated fortune of $2.5 bn.
