BLP advises Palmer Capital on its takeover of Invista Real Estate
Berwin Leighton Paisner LLP (BLP) has advised Palmer Capital on its acquisition of Invista Real Estate Investment Management Holdings PLC, the AIM-listed real estate investment manager, for approximately £40 million. The transaction, which completed on 10 August, was effected through a scheme of arrangement approved by the High Court.
The successful completion of the transaction followed a competitive process in which the former Board of Invista received a number of indicative offer proposals. The Board initially recommended an offer made by Internos Real Investors but subsequently recommended the higher offer from Palmer Capital. Mount Street Capital also announced a potential offer for Invista which was subsequently withdrawn.
The Invista Group manages investments in commercial property assets in the UK, Europe and Asia including co-investments in funds managed by it. Palmer Capital is a privately owned real estate investment manager and venture capital business which manages assets across Europe.
Financing for the transaction was provided by Palmer Capital and by clients of the Townsend Group (“Townsend”), a provider of global real estate investment solutions to institutional investors. Palmer Capital agreed to sell Invista’s co-investment interests in the managed funds to Townsend in repayment of the acquisition financing.
The BLP team advising Palmer Capital was led by corporate finance partner Adam Bogdanor, assisted by corporate finance partner Murdoch Currie and associate Laura Patao-Caminas. Funds advice was led by Catherine Moss, with financing advice provided by Andrew Bamber and Daniel Finch. David McCarthy advised on certain due diligence aspects of the transaction and Neville Wright and Katherine Durkacz advised on tax.
Alex Price, Chief Executive of Palmer Capital, said:“We are delighted to have successfully completed this transaction and look forward to working with Townsend and the other fund investors. This is the latest in a number of transactions on which we have worked with BLP and their help in navigating a path through all the various deal issues has been invaluable.”
Adam Bogdanor said: “We were really pleased to advise Palmer Capital on this public takeover which involved negotiation with a number of different stakeholders to launch a recommended bid only a few weeks after the former Invista Board had recommended a rival offer. In tight funding conditions, a competitive bid situation and the constraints imposed by the recent changes to the Takeover Code, the team worked collaboratively with Palmer Capital and Fenchurch Advisory Partners to achieve a successful result.”
Fenchurch Advisory Partners (Graham Marchant, Richard Locke and Joe Smith), advised by Addleshaw Goddard, acted as financial adviser to Palmer Capital. Baker & Mackenzie acted for Townsend and DLA acted for Invista.
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