Tribeca, the MBO vehicle set up by Managing Director James Ritblat, has secured acceptances from 93.5% of shareholders, but the deal had been backed all along by George Soros's Quantum realty Fund, which held just under 50 per cent of the equity.
Ritblat joins a growing list of property entrepreneurs who have grown tired of the stock market?s refusal to give full credit for property assets: UK property companies have been trading at a permanent discount to net asset value and analysts see little prospect of a change in this negative sentiment. MEPC, Burford, Frogmore, Eskmuit and Rgalian have all delisted and others are expected to follow.
Delancey specialises in central London office and retail properties, and among its investments is a 75% stake in the brokerage Colliers Conrad Ritblat Erdman, where James Ritblat's father John - of British Land fame - is chairman.
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