Ashurst is advising NR Nordic & Russia Properties Limited in
relation to a cash offer for the company by Holowent Limited, a
company ultimately owned by Ian and Richard Livingstone. Ian
Livingstone is also a director of NR Nordic. The offer, of 24 cents
per share, values the existing issued share capital of NR Nordic at
approximately €114m. The independent directors of NR Nordic
are not giving a firm recommendation in relation to the offer but
have agreed to put the offer forward to shareholders.
NR Nordic is a Jersey incorporated property company that holds
investments in real estate in the Nordic and Baltic regions and
Russia. As at 31 December 2009 the Company owned 38 properties
valued at €554.6m. Ashurst previously acted for NR Nordic in
relation to its AIM IPO in November 2006. NR Nordic's share listing
was subsequently moved to Euronext Amsterdam in December 2007.
The Ashurst team advising NR Nordic on the offer comprises
corporate partner Nicholas
Holmes with senior associate Tom Mercer, solicitor Nick Lee
Morrison and trainee Pete Grayson. Houthoff Buruma N.V. (Hugo
Opelaar) and Ogier (Nathan Powell) are advising the company on
Dutch and Jersey law respectively.
NR Nordic's financial adviser is Numis Securities, and Lazard &
Co and Pinsent Masons LLP (Darius Lewington) are advising the
offeror.