EQT, the Stockholm-based alternative investment firm, has announced plans to take control of Swedish logistics property firm Stendörren through a voluntary cash offer.
EQT's Chicago Holding unit is offering SEK 100.25 a share for Stendörren, valuing the property owner at SEK 2.82 bn (€270 mln).
The offer price represents a 4.5% premium to Stendörren's book value of equity per ordinary share of SEK 95.9 as of 30 September 2018.
Shareholders representing just over 50% of the company's share capital have already agreed to sell their shares in Stendörren.
The acceptance period is expected to commence on or around 28 November 2018 and end on or around 19 December 2018.
Stendörren owns, manages and develops industrial and logistics properties located in the Greater Stockholm and Mälardalen areas. Its portfolio includes a high number of development plots.
EQT said that the deal is in line with its strategy of investing in development assets. 'EQT Real Estate believes that the accelerated investments in developing the building rights are best taken under private ownership, as the results of Stendörren would decrease over a transitional period,' the bidder noted.
Chicago Holding will proceed with delisting the company shares as soon as it owns over 90% of the firm's share capital.
The offer is fully financed through funds made available by EQT and a facility provided by Chicago Holding’s financing bank.