Blackstone now has over $196bn of property assets under management
Blackstone, the private equity company, is nearing a £1.2bn to takeover of UK property investment company St Modwen.
The deal, first announced in May, will see Blackstone fork out 542p per share for the developer, a 21% premium on its closing price on May 6.
It follows a string of property investments by Blackstone, which now owns Sage Housing and Bourne Leisure.
The private equity firm now has over $196bn of property assets under management.
The offer was initially opposed by JO Hambro Capital Management, one of the FTSE 250 developer’s largest shareholders with a 9% stake. It believed that the price was too low.
A spokesman for JO Hambro said at the time: “We feel it would be a shame for stock market investors to lose the long-term optionality within the group’s businesses and land bank, built up over many years, particularly for the small premium being offered.”