10:33 AM EDT, 06/10/2024 (MT Newswires) -- Blackstone's (BX) Blackstone Real Estate and MRP Group said Monday they started a tender offer for up to 100% of Terrafina's real estate trust certificates at 38.50 Mexican pesos ($2.08) per certificate.

The cash offer represents a 5% premium to Terrafina's closing share price on Friday, the companies said.

Mexico's competition regulator approved the tender offer, which isn't subject to any financing condition and or contingent on more board or shareholder approvals, the companies said.

Completion of the tender offer is conditional upon the acceptance by holders of at least 50% plus one of the certificates.

Terrafina's certificates can be tendered until 2 p.m. Mexico City time July 10.

Price: 118.40, Change: +0.78, Percent Change: +0.66