Intervest O&W - Takeover bid at EUR 21/share from TPG Real Estate Partners
Europe Real Estate Holdings NV (controlled by TPG Real Estate Partners) is launching an all-cash voluntary and conditional public tender offer for Intervest O&W at EUR 21/share.TPG currently owns 1.02% of Intervest's stock and has received irrevocable undertakings from two shareholders representing an additional 9.07% of share capital.The offer is supported by both Supervisory board and Management board.The offer price represents a 52.2% premium vs the undisturbed closing price on 5 October (the suspension of trading took place on 6 October), implying a 13.8x P/E 23e (Belgian logistics pure-play peers at 15.4-17.4x). The implied net yield on this acquisition standsIntervest Offices & Warehouses is a Belgian property investment fund. Co. specializes in investments in office buildings and semi-industrial properties situated on locations outside municipal centres. Co.'s business properties are located on the Antwerp-Brussels axis. Its activities can be divided into two business segments: Offices segment which includes the properties that are let to companies for professional purposes as office space; and Semi-industrial buildings segment which includes those premises with a logistical function, storage facilities and high-tech buildings. At Dec 31 2010, Co.'s portfolio consists of 69% in offices buildings and 31% in semi-industrial buildings.
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