Starwood Capital Group, which is seeking to enter the rented-residential sector in Sweden, has made a cash offer to buy listed firm Victoria Park for SEK8.68bn (鈧�842m).
The US investment group鈥檚 newly formed subsidiary Starlight Residential is offering shareholders SEK34.402 in cash for each A and B-class share and SEK315.003 for each preference share in Victoria Park.
The offer made for the A shares and B shares is at an 8.2% and 8.5% premium to the shares鈥� last closing price. The offer for the preference shares represents a 0.6% premium to the last closing price, it said.
Starwood, which is being advised by Pangea Property Partners, said six major shareholders of Victoria Park, representing 22.2% of the total number of shares in issue, have agreed to sell shares.
Caleb Mercer, Vice President at Starwood, said: 鈥淪tarwood Capital Group is a global real estate investment firm which in recent years has invested across office, hotel, retail, for-sale residential and logistics in Scandinavia.
鈥淰ictoria Park represents an opportunity for us to enter the rented-residential sector in Sweden. As one of the largest multifamily owners in the US, with over 100,000 units currently under management, we believe that we are an appropriate investor to back Victoria Park in the next phase of its capital-intensive investment programme to upgrade its properties.鈥�
