December 20, 2017 / 8:27 AM / a year ago

Blackstone buys Taliesin Property Fund in 260 million euro deal

FILE PHOTO -- The ticker and trading information for Blackstone Group is displayed at the post where it is traded on the floor of the New York Stock Exchange (NYSE) April 4, 2016. REUTERS/Brendan McDermid/File Photo

LONDON (Reuters) - U.S. investment firm Blackstone (BX.N) said on Wednesday it had clinched an all cash deal to buy real estate specialist Taliesin Property Fund TPF.L in its latest push into European real estate.

The transaction values Taliesin, which was formed in 2006 to invest in residential property in Berlin, at about 260 million euros ($307.66 million), representing a 10 percent premium to the closing price of 46.31 euros per Taliesin share on December 19.

The deal was carried out by two newly formed investment vehicles, Wren Bidco and Canary Bidco, which are controlled by Blackstone.

The offer price has been agreed by the boards of directors of Taliesin and the bidcos on the basis that no final dividend for the financial year to December 31 will be paid by Taliesin to its shareholders.

Taliesin was advised by Rothschild while Blackstone used investment bank Lazard.

Reporting by Pamela Barbaglia; editing by Jason Neely

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