BLP advises Black Sea Global Properties on its £446.6m cash offer for Rutley European Property

Berwin Leighton Paisner (BLP) is acting for Black Sea Global Properties Limited  in connection with its cash offer, announced on Friday, for Rutley European Property Limited (Rutley) at a price which represents an enterprise value of approximately £446.6m. 

Black Sea Global Properties is a wholly owned subsidiary of Rompetrol Holding SA, the Swiss holding company of Dinu Patriciu, a Romanian citizen who built up and sold control of the second largest oil company in Romania.  Black Sea Global Properties also controls Fabian Romania, a property fund which was previously quoted on AIM.  Rutley is a European commercial real estate fund with a primary geographical focus on Central Europe whose shares are listed in London and the Channel Islands.

BLP is also advising Black Sea Global Properties on its subscription for a 29.9% stake in Deutsche Land plc with the possibility of increasing the stake to 54.15%. This is subject to obtaining a waiver from the Takeover Panel and approval of that waiver by the independent shareholders of Deutsche Land.  Deutsche Land is a German commercial property investment group.  This transaction was also announced on Friday.

The BLP team on both the transactions is being led by head of corporate, John Bennett. John is being assisted by corporate finance senior associates Amerjit Kalirai and Nick Watson, and trainee Melissa Manski on the Rutley transaction. Corporate finance partner, Alex Latner is being assisted by senior associate Richard Werner on the Deutsche Land transaction.

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