Oceano Immobiliare Sa, indirectly controlled by a group of real estate investment funds promoted and managed by The Blackstone Group, announces its intention to launch a voluntary takeover bid on the units issued by the closed-end real estate fund Atlantic 1 managed by Idea Fimit Sgr.
The offer, reads a note, concerns 513.305 units of the fund (net of those held by the asset management company) and will take place at a gross price of 303,00 euros (net of 295,55 euros for each unit), against a maximum price of the last 12 months equal to 278,53 euros. The offer is expected to start in the first half of next March.
The Blackstone group believes that the shares represent a favorable investment opportunity and therefore intends to hold them, directly or indirectly, until the liquidation of the Fund, without however precluding the possibility of early disposal of all or part of the shares in the future.
Based on its independent assessment of the Fund's assets, the offeror believes that, in the event of a successful outcome of the offer, the investment in the units of the Fund should generate expected returns adequate to compensate for the risk assumed, notwithstanding the current context of uncertainty of the Italian real estate market, the limited liquidity in the sector and the short residual duration of the lease contracts of the Fund's properties.
In this operation Lazard is financial advisor to Blackstone.
