New York-basedNorthwood Investors LLCon April 6 agreed to sell a 25% stake in CeGeREALto Singaporean sovereign wealth fund GIC for €35.65 per share.
Following thecompletion of the deal, Northwood Investors will hold a 57.48% stake in the FrenchREIT. Northwood Investors had earlier sold CeGeREAL shares in order to preserveCeGeREAL's SIIC status, which allows for certain tax exemptions in France. The saleto GIC is the last step in that effort.
The transactionis expected to be completed "in the following days," according to thestatement.
Northwood Investorslaunched an offer to buya controlling stake in CeGeREAL in September 2015 for €35.62 per share, which wasfollowed by a tender offer for the remaining shares in the company. It the deal for a 59.78% stakelater in November 2015. Meanwhile, the tender offer was completed Jan. 25, withNorthwood Investors having a 98.44% stake in the company as at Feb. 18, accordingto the REIT's latest earnings release,
J.P. Morganand Brookfield Financial acted as financial advisers to Northwood Investors.