Voluntary and Unconditional Public Takeover Bid in Cash for all Shares of Intervest


TPG is pleased to announce the results of the subsequent acceptance period following the voluntary reopening of the voluntary and now unconditional public takeover offer by its fully controlled entity, European Real Estate Holdings NV (the “Offeror”), for all the outstanding shares that it does not yet own of Intervest Offices & Warehouses[1](“Intervest”). The Offer provides Intervest shareholders 100% cash consideration of €21.00 per Intervest share (to be reduced with the gross dividend amount for shares tendered in the squeeze-out period).

During this subsequent acceptance period, which ended on 28 March 2024, 1,905,579 additional shares were tendered. In addition to the shares already owned by TPG after the initial acceptance period, TPG now indirectly through the Offeror owns 95.95% of the shares of Intervest. TPG has therefore met the conditions for a simplified squeeze-out offer under Belgian takeover legislation.

Payment of the offer price for the shares tendered during the subsequent acceptance period will take place on 18 April 2024.

Following the results of the subsequent acceptance period, TPG re-opened the Offer as a simplified squeeze-out offer with an acceptance period from 4 April 2024 until 25 April 2024. The results of the simplified squeeze-out offer will be announced on or before 2 May 2024. Shareholders who have not yet accepted the Offer will be able to accept the Offer during the simplified squeeze-out period.

Shares not tendered by the end of the simplified squeeze-out period will be deemed to have automatically transferred to the Offeror at the end of the simplified squeeze-out period, with consignation of the funds necessary for the payment of the price for such non-tendered shares for the benefit of the relevant shareholders to the Deposit and Consignation Office (Deposito- en Consignatiekas/Caisse des Dépôts et Consignations).

On 25 April 2024, at the end of the simplified squeeze-out period, all Intervest shares will be delisted from Euronext Brussels.

TPG acquired Intervest through European Real Estate Holdings NV, an entity fully controlled by TPG Real Estate Partners, the real estate equity investment platform of global alternative asset management firm TPG.

For you, an Intervest shareholder, the Offer provides certain and immediate value at a significant premium to the Company’s recent trading levels and equity research analysts’ consensus estimates. Intervest’s Management Board and Supervisory Board unanimously support and recommend the Offer and believe the transaction is in the best interest of all stakeholders of the Company.

Despite Intervest’s attractive logistics portfolio, its more modest scale relative to its peers, non-core offices, and higher debt ratio have put pressure on the stock market valuation. The acquisition by TPG will offer Intervest shareholders significant, immediate value while providing the company with the right capital structure to execute its strategic plan.

Full details of the Offer are included in the prospectus and are available on this website along with other details about the offer. Should you have further questions, do not hesitate to contact TPG’s public relations representative, Citigate.


1 Intervest is listed on Euronext Brussels (ticker INTO and ISIN BE0003746600).

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“We are pleased that TPG recognizes the value and quality of our portfolio, the dedication of our team, and the future growth opportunities for the Company. We believe this transaction represents the best path forward for our Company.”
Joël Gorsele, CEO of Intervest
“The board unanimously supports the Offer from TPG, which offers immediate liquidity to our shareholders at a significant premium and is in the best interest of all stakeholders in the current challenging market environment.”
Ann Smolders, Chairwoman of Intervest