PIE Events
- German Property Breakfast
14 February 2012
Stockholm
- Distressed Property Breakfast
22 February 2012
London
- Central and Eastern Europe Real Estate Conference
03-04 May 2012
Vienna, Austria
Patriciu RE group grows; Rutley European recommends 21% raised offer
AIM-listed Rutley European Properties has recommended an improved takeover offer by Black Sea Global Properties, the holding company for interests of Romanian-born investor Dan (Dinu) Costache Patriciu, which would value it at £449m, including net debt of £434m.
Patriciu is building a new real estate group. He is also taking a stake in AIM-listed Deutsche Land that should eventually climb to 54%, and at the start of the year made an agreed offer for Fabian Romania worth e51m. BSGP is controlled by Patriciu's Rompetrol, in which Kazakhstan's state energy operator KazMunaiGaz owns a 75% stake.