Real estate closed-end funds are battling a very hard battle in the last few months on some Italy’s REITs listed on the Milan Stock Exchange as they are approaching the end of their life, after having extended their maturity already.
So Blado Investments (a closed end real estate fund managed by hedge funds US giant manager Elliott Associates (founded by Paul Singer) raised its previous bids on Immobiliare Dinamico fund, managed by Bnp Paribas Real Estate Investment Management Italy, and Alpha Immobiliare fund, managed by Idea Fimit sgr (see here a previous post by BeBeez).
On the other hand Blado choosed not to proceed on its offer on Mediolanum Real Estate, managed by Mediolanum Gestione Fondi sgr, after Duomo Holdings, an investment veichle controlled by TSSP Adjacent Opportunities Management, Tpg‘s credit and special situations platform had launched a counter-bid at the end of June. Duomo Holdings’ bid started last July 21st and will end next August 10th (si veda altro articolo di BeBeez).
Duomo’s tender offer pays 3.70 euro for each Class A share in Mediolanum Re fund and 2.80 euro for each Class B share for a total maximum consideration of 217.5 million euros with a premium of, respectively, 47.2% and 36.3% more than the weighted average of the stocks in the last 12 months.
Blado Investments has instead raised its offers on other two funds as said before. Offer for Immobiliare Dinamico fund has been raised to 78 euros per share form previous 69.31 euros, for a total maximum consideration of 112 million euros, which means a 12.5% increase versus the previous offer. While the offer for Alpha fund has been raisned to 1300 euro per share from previous 1,156.25 euros, which means a 12.4% increase versus the previous bid.
At the same time there are three bids currently on their way on Fondo Delta Immobiliare managed by Idea Fimit sgr, with the third one having received the go-ahead by the Italian markets sovereign Authority (Consob) last Friday July 22nd. That offer value Fondo Delta 65 euros per share and has been launched by Mars Grafton sarl, a Luxembourg investment veichle controlled by PW Real Estate Fund III managed by PW Real Estate Assets, founded by former Unibail Rodamco ceo Leon Bressier (see here the offer document). The offer will start next August 1st and will end on September 9th.
A first tender offer was launched at 54 euros per share at the beginning of June by GSF Eagle Opportunity, a Luxembourg-based investment veichle controlled by York Capital Management Gobal Advisors. At the beginning of July a counter-offer was launched at 56.7 euros per share by Davidson Kempner Capital Management LP and Capstone Equities Manager LLC through their Luexembourg veichle Navona Value Opportunity sarl (see here a previous post by BeBeez). So last July 22nd GSF Eagle Opportunity raised its bid to 58 euros per share (see here the press release).
