16 Jun 2014
Starwood Capital Group and M7 Real Estate Launch Bid for Tamar European Industrial Fund
16th June 2014 – Starwood Capital Group, a leading private investment firm and M7 Real Estate, the specialist multi-let light industrial asset manager, have launched a bid to buy London-listed Tamar European Industrial Fund (TEIF), for £53.55m or 38.25p a share, through their joint venture MStar Europe.
The offer represents a premium of 7.746% to the closing mid-market price of the TEIF shares on 13 June 2014.
Richard Croft, M7’s Chief Executive, commented, “This acquisition is an important part of our strategy to establish a truly pan-European light industrial offering for investors”.
TEIF is a limited liability, closed-ended investment firm, which has focused on investing into industrial real estate in Western Europe. As at 31 December 2013, total assets less current liabilities were £144 million.
Corporate advisers, Oriel Securities, have advised MStar Europe.