Starwood Bids $1 Billion for Swedish Property Firm Victoria Park
(Bloomberg) -- Starwood Capital Group offered to buy Victoria Park AB in a $1 billion deal that would give the U.S. investment firm a foothold in Sweden's rented-residential real estate market.
The cash offer to shareholders in Victoria Park values the Swedish company at about 8.68 billion kronor, Starwood said in a statement to the stock exchange in Stockholm on Sunday. Victoria Park shares closed at 31.70 kronor before the Easter break, valuing it at about 7.7 billion kronor ($924 million).
Through the transaction, Victoria Park would have the necessary backing for “the next phase of its capital-intensive investment program to upgrade its properties,” Starwood Vice President Caleb Mercer said in the statement.
Irrevocable undertakings to accept the offer have come from six major Victoria Park shareholders, corresponding to about 22 percent of shares and 31.5 percent of the votes in the Swedish company, Starwood said. A detailed offer document is due to be made public around the end of April, with the acceptance period set to start around early May and end on or around June 1, it said.
To contact the reporter on this story: Tasneem Hanfi Brögger in Copenhagen at tbrogger@bloomberg.net.
To contact the editors responsible for this story: Tasneem Hanfi Brögger at tbrogger@bloomberg.net, Nicholas Larkin
©2018 Bloomberg L.P.
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