Real estate funds managed by Blackstone and Ivanhoe Cambridge have reached an agreement increase their holding in Gecina. The business is a French real estate company.
A jointly-owned affiliate, managed by Blackstone, of real estate funds managed by Blackstone and of Ivanhoe Cambridge, both acting in concert, has reached an agreement to acquire, before 30 September 2014, from Metrovacesa, 4,350,000 shares representing 6.92% of Gecina’s share capital and voting rights.
In addition, an affiliate of Blackstone, has also agreed to purchase, 918,799 shares representing 1.46% of Gecina’s share capital and voting rights from Metrovacesa SA. This affiliate of Blackstone intends to transfer its rights and obligations for these shares to a third party to be identified.
These transactions remain subject to the fulfilment of certain conditions precedent in relation to the financial restructuring of Metrovacesa SA.
The concert comprised of Blackstone and Ivanhoé Cambridge currently holds 14,476,248 shares of Gecina, which represent 23.03% of Gecina’s share capital and voting rights. Having no intention to hold 30% or more of Gecina’s share capital and voting rights, it will, before the fulfilment of the conditions precedent, sell the appropriate number of shares if required.
About Blackstone Real Estate
Blackstone is a global leader in real estate investing. Founded in 1991, Blackstone’s real estate business is the largest real estate investment manager in the world, with US$81 billion of assets under management. Blackstone’s portfolio includes hotel, office, retail, industrial and residential properties in the U.S., Europe and Asia. Major holdings include: Hilton Worldwide, Equity Office Properties and Brixmor shopping centers.
Blackstone seeks to create positive economic impact and long-term value for its investors, the companies in which it invests, the companies it advises and the broader global economy. In addition to managing real estate private equity funds, Blackstone’s alternative asset management businesses include investment vehicles focused on private equity, hedge fund solutions, non-investment grade credit, secondary funds and multi asset class exposures falling outside of other funds’ mandates. Blackstone also provides various financial advisory services, including financial and strategic advisory, restructuring and reorganization advisory and fund placement services.
About Ivanhoé Cambridge
Ivanhoé Cambridge is a world-class real estate company that leverages its high-level expertise in all aspects of real estate including investment, development, asset management, leasing and operations, to deliver optimal returns for its investors. Its assets, held through multiple subsidiaries and located mainly in Canada, the United States, Europe, Brazil and Asia, totalled more than Cdn$40 billion as at December 31, 2013. Its portfolio consists mainly of shopping centres, office and multiresidential properties. Ivanhoé Cambridge is a real estate subsidiary of the Caisse de dépôt et placement du Québec (lacaisse.com), one of Canada’s leading institutional fund managers.
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