MILAN, April 14 (Reuters) - Italian fund manager IDeA Fimit has rejected a raised offer from a unit of U.S. investment firm Blackstone to take over listed real estate fund Atlantic 1, the Italian firm said on Monday.
Blackstone’s Oceano Immobiliare had offered to buy out investors in the closed-ended investment fund for 335 euros ($460) per share and said if its offer was successful it would be prepared to invest a total of 152 million euros in the fund.
IDeA Fimit said on Monday the valuation was “not adequate”, repeating its response to Oceano Immobiliare’s two previous offers of 295.55 euros per share and later 320 euros. The shares last traded at 335 euros on Monday.
Blackstone has joined other international investors buying stakes in Italian companies and banks as the country’s economy emerges from a deep recession.
So far this year it has bought a minority stake in fashion house Versace and sources said in March it was among bidders for the “bad bank” of Banco Popolare.
As of April 9, the Blackstone unit had 29.87 percent of the Atlantic 1 portfolio, which includes properties leased to oil and gas group Eni, Telecom Italia and retailer Carrefour. ($1=0.7238 euros) (Reporting by Isla Binnie; Editing by Greg Mahlich)