Alstria Reit takes over German rival

Berlin

ALSTRIA Office Reit offered to buy competitor Deutsche Office in a deal that values the company at about 800 million euros (S$1.2 billion). Majority shareholder Oaktree Capital Group has accepted the bid.

Alstria offered 0.381 of a new bearer share for each Deutsche Office share, according to a statement on Tuesday. The bid is equal to 4.41 euros per share, 12 per cent above the company's closing share price on Monday.