TPG Real Estate Offers to Buy Belgian REIT Intervest
TPG Real Estate Partners, the real estate equity investment platform of San Francisco-based alternative asset manager TPG, has launched an all-cash offer for all shares of Intervest Offices and Warehouses, a Belgian logistics and office REIT, it does not already hold.
TPG has offered to buy Intervest for €21 per share, a 52.2% premium over the closing price on October 5 and a 38.9% increase over the previous six months.
The offer has the support of two of the company’s key shareholders, who will tender their shares, representing 10.09% of the existing shares when combined with TPG’s existing ownership of 1.01%. The offer is subject to usual restrictions, including a minimum threshhold of 50% plus one Intervest share.
According to TPG, the partnership will provide Intervest with access to long-term capital, expertise, and resources to unlock growth, assisting the company’s management in expanding its logistics portfolio through development and acquisitions while continuing to unload its office portfolio.
“We are pleased that TPG recognizes the value and quality of our portfolio, the dedication of our team, and the future growth opportunities for the company. We believe this transaction represents the best path forward for our company,” said Joël Gorsele, CEO of Intervest.
The supervisory and management boards unanimously endorse the offer, believing it is in the best interests of all stakeholders.
BNP Paribas, KBC Securities, CBRE, and Freshfields Bruckhaus Deringer are advising TPG.