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


TPG is pleased to announce the results of the acceptance period following the reopening as a simplified squeeze-out offer of the voluntary 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 (“Intervest”) (the “Offer”). The Offer provides Intervest shareholders 100% cash consideration of €21.00 per Intervest share (reduced with the total gross dividend of €1.02 per share, approved by Intervest’s annual general shareholders’ meeting held on 24 April 2024, for shareholders that tendered in the simplified squeeze-out acceptance period).

During the simplified squeeze-out acceptance period, which ended on 25 April 2024, 1,108,723 additional shares were tendered.

Shares that were not tendered by the end of the simplified squeeze-out period are deemed to have  transferred by operation of law to the Offeror , 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).

Payment of the offer price for the shares tendered during the simplified squeeze-out acceptance period will take place on 16 May 2024. Shareholders that have not tendered their shares, but which are transferred by operation of law, will need to contact the Deposit and Consignation Office to receive payment for such shares. 


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