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

We are pleased to announce the opening of our voluntary and conditional public takeover bid in cash for all the outstanding shares of Intervest Offices & Warehouses NV1 (“Intervest”), a leading Belgian logistics and office REIT and registered real estate company (RREC) under Belgian law, not yet owned by TPG2, for €21.00 per share.

TPG intends to acquire 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).

2 TPG already owns 1.01% of shares in Intervest.

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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