Max Property Group Plc (MAX), the real estate investment company set up by entrepreneur Nick Leslau, plans to wind itself down after Blackstone Group LP (BX) agreed to buy the company’s assets for about 414 million pounds ($707 million) in cash.
The acquisition by Marina Topco Ltd., controlled by Blackstone Real Estate Partners Europe IV, is conditional on shareholders’ approval, Max Property said in a statement today. Max Property, based in St. Helier, Jersey, climbed the most since May 2009.
Max Property, created in 2009, plans to distribute most of the sale proceeds to its shareholders, along with a previously announced 33-million-pound payout that will be made tomorrow, the company said. Before Blackstone’s approach, Max Property had intended to sell its assets separately over two years.
“The interests of all shareholders are best served with an earlier disposal in a single and fast transaction with low execution risk,” Max Property said.
Max Property climbed 8.2 percent to 168 pence in London trading, giving it a market value of 370 million pounds. The company buys U.K. properties and tries to boost their value by making renovations or finding new tenants before reselling the buildings at a profit, according to its website. In 2011, Max Property and a family trust agreed to buy St. Katharine Docks, including central London’s only marina, for about 156 million pounds.
Blackstone, led by Chief Executive Officer Stephen Schwarzman, has been the most successful leveraged-buyout firm to expand beyond takeovers and into real estate, credit and hedge funds. The New York-based company manages about $80.4 billion of real estate assets, including about $10 billion of debt.
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