European Real Estate Holding SA made a conditional voluntary public takeover offer to acquire remaining 98.99% stake in Intervest Offices & Warehouses (ENXTBR:INTO) for approximately ?620 million on October 17, 2023. The proposal offers Intervest shareholders a 100% cash consideration of ?21.00 per Intervest share. The offer has support from two of the Company?s shareholders who have provided irrevocable undertakings to tender their shares which, together with TPG?s existing ownership, represent 10.09% of the existing shares.

The offer is subject to a minimum acceptance threshold of 50% plus one Intervest share, Belgian Phase 1 merger control approval, FSMA approval and a customary material adverse change clause. Lazard acted as sole financial and Allen & Overy acted as legal counsel to the Supervisory and Management Board of Intervest.