French property fund Unibail has brought out an official offer for Dutch property fund Rodamco Europe. The combination will be the biggest property fund in Europe – Rodamco is currently number five, Unibail number three.
The share-based offer values Rodamco at €9.3bn, based on Unibail’s Friday closing share price of €198.20. Health service pension fund PGGM, which owns 24.4% of Rodamco, has already said it backs the offer, which runs until June 20.
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