Bidding war for Berenice, Tecla office funds continues

The battle for control of the two Italian office funds Tecla and Berenice continues with Gamma RE, a joint venture between Pirelli RE and Morgan Stanley, obtaining an extension to its bid for Berenice. The offer will now run until 20 July, in line with the opposing offer from Zwinger, the special purpose vehicle for Goldman Sachs' Whitehall fund. Gamma, which offered EUR 685 and EUR 678 for each unit of the Berenice and Tecla office funds respectively, raised its offer for Tecla last Friday to EUR 690 per unit, representing a 1.8% premium on the fund's net asset value (NAV) at the end of 2006. Gamma RE did not raise its offer for the Berenice office fund, which stands at EUR 685 per unit. 'This probably means they are not going to launch a counterbid for Berenice,' Martijn Geers, an analyst at merchant bank Kempen & Co said. 'Pirelli RE-Morgan Stanley joint venture will probably buy the Tecla office fund, while Goldman Sachs/Caltagirone will likely take over Berenice', he added.

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