Sterling Property Investments, Swiss entrepreneur Dr Tito Tettamanti’s privately-owned vehicle, has built up its stake in Olives Property to just over 17%, making it the company’s largest single shareholder.
Sterling’s director Eric Knight said that the company had bought the shares because they are undervalued and that the move was not a prelude to a takeover bid. The investor has not asked for a seat on Olives’ board.
Sterling bought two tranches of shares last week bringing its total holding to 17.5%.
