Rugby Estates subsidiary Rugby BVI Holdings has accepted a 7p per share offer by US private equity giant Westbrook for its holdings in South East-focused investor O Twelve Estates.
Westbrook, through its VIII Investment UK Sàrl vehicle, will pay £552,615 for the 7,894,502 shares owned by Rugby.
The deal follows Westbrook’s move last month to take over O Twelve Estates for £33.6m.
It agreed terms with the directors of O Twelve for a recommended unconditional cash offer for the business.
Westbrook already held a 50% stake in the firm, which invests in land surrounding the Olympic site and the Thames Gateway, and was managed by David Tye’s and Andrew Wilson’s Rugby Asset Management.
Rugby also confirmed today it has now agreed a change of terms with O Twelve that allows either party to terminate the agreement on at least six months’ notice at any time.
VIII Investment intends to de-list O Twelve, which had a £154.4m portfolio as at the end of March, from AIM. It intends to stop trading on AIM from 7am on 27 July 2012.
jack.sidders@estatesgazette.com
