GWM Group, an international investment group operating in private wealth and institutional asset management, and Eurocastle Investment are launching a partial voluntary tender offer for a maximum 64,864 units of the Italian real estate fund UniCredito Immobiliare Uno.
The fund is managed by Torre SGR SpA and listed on the MIV, a stock exchange regulated by Borsa Italiana SpA.
The offer will be made through GWM and Eurocastle’s fully controlled subsidiaries, Europa Plus SCA SIF – RES Opportunity, and Italy Investments Sàrl, respectively.
Established by UniCredit Fondi SGR SpA on 18 June, 1999, Unicredito Immobiliare Uno is a closed-ended real estate investment fund specialising in investing in real estate assets and/or shares in unlisted real estate companies, and in the professional management of the same in order to realise, from time to time, the value of the assets and to distribute the net proceeds accrued after the disposal of its investments. UniCredito Immobiliare Uno is managed by Torre SGR, a company owned 62.5 per cent by affiliates of Fortress Investment Group and 37.5 per cent by Pioneer Investment Management.
The maximum threshold represents approximately 40 per cent of the outstanding units issued by the fund as of today. The offer does not include the 5,385 units of the fund held by Europa Plus SCA SIF-RES Opportunity currently, equal to approximately 3.4 per cent of the outstanding units issued by the fund.
The consideration to be paid for each unit of the fund that will be purchased by the offerors will be equal to EUR1,850, representing a 13.1 per cent premium over the weighted average market price of the units registered in the three months prior to the reference date (6 January 2014).
The overall maximum disbursement in the event of purchase by Europa Plus SCA SIF – RES Opportunity and Italy Investments Sarl. of a number of units equal to the maximum threshold, will be equal to EUR120m.
The offer will provide an opportunity to current investors in the fund to exit all or at least part of their investment at a premium over the unit market price, ahead of the fund final term in 2017 (pending approval by the Bank of Italy of the term postponement resolved upon by Torre SGR in November 2013).