Investors competing for property assets across Europe
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LONE Star Funds first offered to buy London property developer Quintain Estates & Development for a 22 per cent premium. With investors competing for real estate assets across Europe, hedge fund Elliott Associates was able to sway the private-equity firm to raise its bid.
Firms from Lone Star to Qatar Investment Authority and China Investment Corp are increasing their real estate holdings as Europe's economy recovers. For them bigger assets are preferable, with larger portfolios fetching higher prices. Lone Star succeeded with its bid for Quintain after boosting its offer to 32 per cent above the share price before its approach was announced.
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