US private equity giant Westbrook is set to takeover London and South East-focused investor O Twelve Estates for £33.6m.
Acting through a vehicle called VIII Investment, Westbrook and the directors of O Twelve have agreed the terms of 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.
VIII Investment intends to de-list the business, which had a £154.4m portfolio as at the end of March, from AIM.
A statement released by O Twelve to the stock exchange said that “shareholders should note that there is no requirement to hold a general meeting of O Twelve to approve the proposed cancellation of trading in O Twelve Shares on AIM, the offer is unconditional and, as such, there is no acceptance condition to the offer”.
It added that it intends to stop trading on AIM from 7am on 27 July 2012.
bridget.o’connell@estatesgazette.com
