The offer values any existing or to-be-issued shares of Invista Real Estate Management Holdings plc at £39.7m.
Palmer Capital, the subsidiary firm that will acquire the entire issue, is a privately owned venture capital and fund management business with £500m of discretionary assets under management. It has raised capital from a number of institutional clients to invest in closed real estate funds in the UK and across Europe.
Invista Real Estate as a company was formed in September 2006 – having previously been Insight Investment’s in-house property fund management business – through an initial public offering. The Invista Group has £749m in assets under management and runs the Invista Real Estate Opportunity, Real Estate International funds.
The company has gone through many changes since it was founded six years ago, partly linked to the fallout in the property market after 2007/2008’s credit. In January, its founder Duncan Owen joined Schroders as head of property.