Palmer Capital is on track to complete its £39.7m takeover of Invista Real Estate Investment Management after two court hearings this week.
The dual high court proceedings approved the proposed takeover process, which will result in Invista REIM’s shares being delisted from AIM on Monday 13 August.
The company’s two vehicles – the Asia-focused Invista Real Estate International Fund and the UK and Europe-focused Invista Real Estate Opportunity Fund – will not be renamed following the deal. The firm’s 37 employees will be retained.
This week’s hearings were “a formality” according to Palmer chief executive Alex Price, whose surprise offer for Invista REIM was accepted by shareholders in June, trumping an earlier £33.6m bid from Internos Real Investments.
Palmer also saw off interest from private equity investor Mount Street Capital Partners, which considered joining the race for Invista in July, before walking away.
The deal, which was funded by US real estate investor The Townsend Group, adds £150m of assets across two funds to Palmer’s growing £800m fund management business.
It is the acquisitive fund manager’s third purchase this year, following its takeover of the Middle Europe Investments and its purchase of a half-share in Hong Kong-based investment manager Emboss Capital.
The Invista REIM takeover concludes a two-year wind-down of the fund manager and investor, which began in October 2010.
