GWM Group and Eurocastle launch offer to UniCredit real estate unit
GWM Group and Eurocastle have launched a €120 million partial voluntary tender offer for approximately 40% of the units of the Italian real estate fund UniCredito Immobiliare Uno.
Private wealth and institutional asset manager GWM Group and Eurocastle Investment have announced their intention to launch a partial voluntary tender offer for maximum no. 64,864 units of the Italian real estate fund UniCredito Immobiliare Uno, through their fully controlled subsidiaries – Europa Plus SCA SIF – RES Opportunity and Italy Investments.
Established by UniCredit Fondi SGR S.p.A. on June 18, 1999, Unicredito Immobiliare Uno is a closed-ended real estate investment fund specialising in investing in real estate assets and/or shares in unlisted real estate companies, and in the professional management of the same in order to realize, from time to time, the value of the assets and to distribute the net proceeds accrued after the disposal of its investments.
UniCredito Immobiliare Uno is managed by Torre SGR, a company owned 62.5% by affiliates of Fortress Investment Group LLC, and 37.5% by Pioneer Investment Management S.G.R. S.p.A..
The maximum threshold represents approximately 40% of the outstanding units issued by the fund as of today. The offer does not include the no. 5,385 units of the fund held by Europa Plus SCA SIF-RES Opportunity as of today, equal to approximately 3.4% of the outstanding units issued by the fund, GWM and Eurocastle said.
The consideration to be paid for each unit of the fund that will be purchased by the offerors will be equal to €1,850, representing a 13.1% premium over the weighted average market price of the units registered in the 3 months prior to the reference date (6 January 2014).
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