B.C.R.E. (Brack Capital Real Estate) B.V. and Lehman Brothers Real Estate Partners, L.P. today jointly announced that LBREP has joined the Consortium led by Brack Capital Real Estate Group, and including Apollo International Real Estate Fund L.P., Merrill Lynch & Co., Inc, and Five Mounts Investments S.A., which has acquired Haslemere N.V.
As a result of this transaction, LBREP will hold a 23.5% interest in B.C.R.E. (Brack Capital Real Estate) B.V. Merrill Lynch International and Lehman Brothers acted as financial advisers to Brack Capital and LBREP, respectively, on this transaction.
The participation of LBREP in the consortium is subject to EU clearance. Brack Capital announced, in March 2002, a recommended cash offer of EUR 63.75 per share for all of the issued and outstanding ordinary shares in the capital of Haslemere. Brack Capital subsequently completed this offer on 3 May 2002. Haslemere is a major property investment company focusing on the UK commercial property market. Its portfolio consists of over 130 properties. As at 31 December 2001, Haslemereâ€™s portfolio value was Â£1,484 million (EUR 2,438 million) and consisted (by value) of 46% retail, 36% office, 18% industrial/warehouse.
(source: Lehman Brothers)