Black Sea Global Properties has increased its ownership in London-based Rutley European Property, the fund managed by Rutley Capital Partners, to 75.6 percent, ensuring its takeover of the fund is nearly completed.
BSGP, which first bid for the fund at the end of April, announced to the London Stock Exchange that its increased offer for the shares, up from 67.3 percent when its offer was accepted by share holders on 24 July, had been “declared unconditional in all respects”. BSGP was advised on the deal by Lazard & Co.
The firm said it intended to keep Rutley European Property listed on the stock exchange. Patriciu said: “'At the outset of this process we made it clear that our intention was to take a majority stake in Rutley which would allow us to stabilise the company's financial position, take other measures to improve the company's performance and create a platform for future growth.”
“At the same time, we always intended to retain Rutley's listing on the London Stock Exchange and our offer was designed to allow those shareholders wishing to remain invested to do so. We are pleased that our offer has been accepted and are now working with our advisers to ensure that we are able to retain the company's listing.'
The sale of the fund, which raised £162 million in capital to spend on pan-European, core-plus real estate, started late last year. Financial advisor Cenkos Securities was appointed to consider a sale last November after the fund’s shares price started trading at a wide discount to net asset value.
The fund has assets in Germany, Poland, Sweden and Belgium and approximately €476 million in debt.
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