Unibail makes formal offer for Rodamco

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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