UK trade exhibitions specialist ITE Group Plc (LON:ITE) said on Tuesday it had bought a 28.3% stake in Asian Business Exhibitions & Conferences Ltd (ABEC) of India from Qatar-based investment bank QInvest LLC for INR1.23bn (USD22.5m/EUR17.2m) in cash.
The transaction is being carried out by ITE’s wholly-owned unit Airgate Holdings Ltd. The buyer will be funding the acquisition from its existing cash resources and agreed debt facilities. It noted it had received an option to raise its interest in the future.
ITE expects the stake purchase to be neutral to earnings for the fiscal year to 30 September 2013.
ABEC is India’s largest private exhibition organiser with its 8% market share. The business runs 19 exhibitions throughout 11 vertical markets such as construction, architecture, design, education, lifestyle, real estate as well as oil and gas.
For the fiscal year to 31 March 2012, ABEC registered profits of INR140m and revenues of INR1.1bn. Its gross assets amounted to INR1.7bn at closing.
British luxury real estate developer Native Land said a Gulf-based investor had acquired a 45% stake in it, but did not disclose its name or the amount paid for the shares.
As a result, Scottish property developer and owner Buccleuch Group trimmed its interest in the company to 10%, while Native Land’s management kept the other 45%. According to an informed source cited by Reuters, the investor group comes from Qatar and is related to the royal family.
Simultaneously, the three shareholders have set up a new firm, Native Land Investments Limited, which will invest about GBP500m (USD783m/EUR643m) in Native Land sites and projects in central London in a two-year period. With the fresh funds, Native Land expects to further strengthen its sound position in the prime central London residential market, it said.
Apart from the deal, the British firm also announced it had named Stephen Musgrave and David Peck non-executive directors.
Deloitte LLP, CMS Cameron McKenna LLP and Clyde & Co acted as advisors to Native Land on the transaction, while KPMG LLP and Berwin Leighton Paisner LLP advised the Gulf-based investor.
Native Land specialises in residential development in central London and has in its portfolio the popular NEO Bankside apartment building, located on the south bank of the Thames, as well as houses in neighbourhoods like Chelsea and Belgravia. The firm was established in 2003 by its experienced executive directors.