Laxey Nabs Pirelli's Spazio at 66% Discount

Allan Saunderson is managing editor of Property Finance Europe and a contributor to GlobeSt.com.

LONDON-Locally based opportunity fund manager Laxey Partners has, in a takeover offer, won a 37.5% stake in the AIM-listed Spazio, an investor in Italian industrial property launched and formerly majority owned by Italy’s largest quoted property company Pirelli Real Estate and the private Cypress Grove International Fund. The offer values Spazio at around €141 million, a 66% discount to net asset value as at the end of 2008.

After Laxey said on 19 June it already owned 24% of Spazio, and nearly 29% if the group cancels Treasury stock, it announced in early July acceptances in respect of 37.5% of Spazio ordinary shares and declared the offer unconditional in all respects – extended until July 24. It is subject to acceptances of over 50%, excluding current treasury stock. “Once this objective has been achieved, the Laxey Group currently intends to work with the existing Board of Spazio and Pirelli SGR and its affiliates,” Laxey says in the offer document. The preliminary June offer of €4.50 per share represented a premium of 13% over the immediately prior closing price, and valued Spazio at €113 million.