Netherlands-based Brack Capital Real Estate (BCRE) has teamed up with Apollo International Real Estate of the US and Merrill Lynch Capital to acquire Haslemere, the Anglo-Dutch property firm, which announced it was in acquisition talks in February.
Brack will offer E63.75 per Haslemere share, valuing the company at E1.46bn and representing a premium of 3.7 per cent to the company’s current share price. Shimon Weintraub, chairman and chief executive officer of BCRE, said “We are keen to acquire a UK property investment business with the qualities of Haslemere. We intend to explore additional opportunities after the sale of certain of its mature assets.”
Haslemere is a major property investment company focused on the UK commercial property market. The portfolio consists of over 130 properties, all of which are located in the UK. Haslemere has suffered from an asset-investor mismatch, as it holds UK assets but is Dutch-based and has a large Dutch investor base.
The Brack Capital Group is a globally diverse group of companies with business interests in real estate, investment and incubation in high technology and pension and mutual funds management.
BCRE is a full service organisation that owns, develops and manages large scale real estate projects in the United States, Europe and Israel. Over the past ten years, BCRE has acted as principal in executing transactions totaling over $2bn and has acquired and developed over 15 million sq ft of commercial and residential properties.