Simpson Thacher represented Blackstone Real Estate in connection with Blackstone and MRP Group’s recently announced all-cash tender offer for up to 100% of the outstanding real estate certificates of Terrafina (BMV: TERRA 13). The tender offer was commenced by a Mexican trust formed by affiliates of Blackstone and MRP Group, a developer, owner and operator of real estate in Mexico. The all-cash tender offer represents a premium of 21% over the unaffected price per Terrafina certificate at the close of trading on December 4, 2023 and a 5% premium to Terrafina’s closing share price on June 7, 2024. The completion of the tender offer is conditioned upon, among other things, the acceptance by holders representing at least 50% plus one of the outstanding Terrafina certificates. Terrafina has a portfolio of approximately 300 industrial properties located in the Northern, Baijo and Central regions of Mexico, including 289 developed industrial properties with a Gross Leasable Area (GLA) of approximately 42.3 million square feet and 11 land reserve properties.
The Simpson Thacher team includes Sas Mehrara, Danielle Jackson, Whitney Salinas, Ari Goldman, Carla Fazari, Spencer Goodson, and Isabelle McAlevey (Real Estate); Juan Francisco Mendez, Enrique Guijosa Rincon, Natalia Gutierrez, and Jose Miguel Colin (LatAm); and Nancy Mehlman and Ruoxi Zhang (Tax). Summer Associate Samuel Brownsword provided valuable assistance.