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Real estate - TPG take private

Writer's picture: Arthur d'HautevilleArthur d'Hauteville

TPG announced an all cash offer for Intervest (Eur1.5Bn portfolio - 75% warehouses, 25% office), 5% below Net Asset Value and a 50% premium to share price, a rare acquisition move in European commercial real estate these days.

Prior to the transaction first rumours, Intervest share price was trading circa 60% below net asset value.

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