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Apollo Global affiliate offers to buy 2 Frankfurt-listed developers

A holding company controlled by funds advised by an Apollo Global Management LLC affiliate, intends to launch a mandatory tender offer for DEMIRE Deutsche Mittelstand Real Estate AG and a voluntary takeover offer for its Fair Value REIT-AG subsidiary.

AEPF III 15 Sàrl is launching its €4.35-per-share offer for DEMIRE after it partnered with the Wecken Group, which owns a roughly 29.91% stake in the company, to acquire control over DEMIRE.

In addition, AEPF signed an agreement to subscribe for all the 5,425,774 new ordinary bearer shares that DEMIRE is issuing at €4.35 apiece. The offering increases the company's capital by 10% to roughly €59.7 million from about €54.3 million. The subscription is subject to merger clearance by the German Federal Cartel Office, DEMIRE said in a release.

For Fair Value REIT, the offer will involve the delisting of Fair Value REIT shares from the Frankfurter Wertpapierbörse's regulated market and will be priced at a legal minimum value. DEMIRE said it supports the offer, but certain of its subsidiaries intend to reject it.

Listed in 2006, DEMIRE is a commercial property-focused developer based in Germany, and in 2015 acquired Fair Value REIT, a diversified REIT established in 2007.