FINANCE: Max Property Group shareholders have voted in favour of the £447.7m sale of the property business to Blackstone.
A statement from the group, set up by Nick Leslau and Mike Brown, said that voters representing 79.5% of the company’s share capital were lodged, all of which were in favour of the sale.
The sale by Max of the entire share issue of MPG Opco to Blackstone’s Marina Topco is expected to complete on 18 August, and a delisting of shares from AIM will become effective from 7am on 19 August.
The first cash liquidation distribution to Max shareholders pursuant to the return of cash, amounting to 168.7p a share will be made on 21 August 2014.
Max’s portfolio comprised £673m of assets including £209m of former Industrious properties, the £140m St Katharine Docks, E1W, and the £63.6m High Holborn Estate, WC1, and £46m of London pubs, £44m of provincial offices and £5m of provincial nightclubs.
bridget.o’connell@estatesgazette.com
