Sponda's management board has recommended that its shareholders accept Blackstone's €3.8 bn takeover offer for the Helsinki-listed shopping centre and office landlord. Almost 47% of shareholders have already given their backing to the deal.
The deal includes €2 bn of Sponda's debt, plus €1.8 bn in equity.
The offer has been submitted by Polar Bidco, an entity owned by funds advised by Blackstone Real Estate.
'The board of directors of Sponda has carefully evaluated the tender offer and has unanimously decided to recommend the shareholders to accept it,' commented Kaj-Gustaf Bergh, chairman of the board of directors of Sponda.
'The tender offer is an acknowledgement of Sponda being the prime real estate investment company in Finland with a clear focus on high-quality commercial properties in growth areas and the Helsinki Central Business District in particular,' Bergh added.
So far, 46.9% of shareholders have undertaken to accept the tender offer. The price represents a premium of 20.7% to the June 2 closing price of Sponda's shares on Nasdaq Helsinki.
'Our proposed acquisition represents another step in Blackstone's long-standing strategy of investing in high-quality real estate assets and businesses across the Nordic region,' said James Seppälä, head of European real estate acquisitions at Blackstone. 'We are excited about this opportunity to invest in the commercial real estate market in Finland and are delighted with the strong support that our offer has received from Sponda's board, management and leading shareholders.'
News of the deal came just days after Blackstone confirmed the sale of its European logistics platform, Logicor, to China Investment Corporation (CIC) for €12.25 bn, the largest real estate investment transaction ever in Europe.
Sponda currently focuses on retail and office properties in Finland. Its portfolio was valued at around €3.8 bn in March.
JLL advised Polar Bidco.
