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Starwood's Victoria Park takeover bid closes with 32% voting stake

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Starwood's Victoria Park takeover bid closes with 32% voting stake

Starwood Capital Group completed its takeover offer for Sweden-based Victoria Park AB, after fulfilling all conditions at the end of the June 1 acceptance period.

The offer was accepted by holders of 27,074,397 of class A shares, 32,486,304 class B shares and 180,348 preference shares, representing 24.4% of all shares and 32.1% of all votes in the residential-focused real estate company.

Early in April, the private equity group's Starwood Global Opportunity Fund XI, via its HomeStar InvestCo AB subsidiary, made a public cash offer of 34.00 Swedish kronor apiece for Victoria Park class A and B shares, and 315.00 kronor apiece for preference shares, valuing the company at 8.68 billion kronor.

HomeStar decided to complete the offer, waiving all of the conditions, including amassing an at least 35% voting stake in Victoria Park, needed to do so. It added that the acceptance period will not be extended any further.

Settlement for the tendered shares is expected to begin on or around June 11.

Vonovia SE unit Deutsche Annington Acquisition Holding GmbH also launched a recommended public cash offer for Victoria Park in May. The company is offering 38.00 kronor per share for A and B shares, and 316.00 kronor for each preference share. The offer is expected to close around June 18.

As of June 5, US$1 was equivalent to 8.78 Swedish kronor.