Globex, ex Morgan Stanley exec buy 40% of developer RGI for $137 mln
MOSCOW. Jan 9 (Interfax) - Vnesheconombank-controlled Globex Bank and Maxim Sterlyagov, former head of the real estate investments unit of Morgan Stanley's Russia subdivision, have acquired 40.22% of development company R.G.I. International's shares for $137 million ($2.1 per share) and made an offer to its other shareholders.
RGI said in a statement that the buyers jointly purchased these shares from D.E.S. Commercial Holdings Ltd., which is 90% owned by RGI's founder and president Boris Kuzinets. The other 10% of D.E.S. is owned by Jacob Kriesler, chairman of the developer's board of directors.
SPV company Direct Finance, which blongs to Globex-controlled fund Bazis, bought 22.87% of RGI's shares, and Sterlyagov's structure AMG acquired 17.35%.
"The Offer by Direct Finance is being made at a price of $2.10 in cash for each RGI Share, and thus values the entire issued ordinary share capital of RGI at $339.75 million, and represents a premium of approximately 2.44% to the Closing Price of $2.05 per RGI Share on 3 January 2013 (being the last Business Day before this announcement)," RGI's statement said.
Globex also "holds the functional equivalent of a security interest over all of the 36,010,000 RGI Shares held by Synergy [Classic Ltd., belonging to entrepreneur Petr Shura]," or 22.26% of RGI's shares. Altogether, Globex, Synergy and AMG own 64.34% of RGI's shares.
"Direct Finance has [already] received irrevocable undertakings not to accept the Offer from Synergy" and Sutton Holdings Ltd., which owns 2.26% of RGI's shares.
The offer is valid for 21 days.
"An Independent Committee of the RGI Board is reviewing the Offer and is expected to announce the position of the Independent Committee on behalf of the RGI Board with respect to the Offer in the near future," the statement said.
According to RGI's website, "the Company has its roots in the transformation of Ostozhenka from a previously unattractive part of the city into central Moscow's 'Golden Mile,' one of the most sought after areas of Russia's capital." RGI also owns the 'V Lesu' residential real estate project in the Moscow suburb of Krasnogorsk, as well as the Tsvetnoy retail center in Moscow. As of June 30, 2012, the estimated value of RGI's asset portfolio was $708.6 million.
During its IPO on the AIM of the London Stock Exchange in December 2006, RGI sold 31.5% of its shares and raised $192 million.