Blado Investment, a closed end real estate fund managed by hedge funds US giant manager Elliott Associates (founded by Paul Singer), launched yesterday four tender offers on four Italian real estate closed-end funds listed at the Italian Stock Exchange.
They are Polis fund managed by Polis sgr, Immobiliare dinamico fund managed by Bnp Paribas Real Estate, Mediolanum Real Estate fund by Mediolanum sgr and Alpha Immobiliare by Idea Fimit sgr.
In its four press releases Blado Investment explains that low volumes on the Italian Stock Exchange for those funds in the last few months might make a market sale for the funds’ stakes rather difficult so Blado’s offer should be seen as an opportunity by the funds’ investors.
Actually Blado’s offers pay a 25% premium last My 18th’s prices. However offers are rather lower than the four funds’ net asset value calculated at the end of last December. The highest discount is 65.3% for Alpha Immobiliare, while the lowest is 32% for Polis.
Blado Investment is paying at maximum a total consideration of 562.59 million euros for the four Italian funds if all investors are tendering their stakes: Polis is valued 141.195 million euros, Alpha 120.105 millions, Mediolanum 200.453 millions and Immobiliare Dinamico 100.840 millions.
