City Lofts, the property company whose Conran-designed apartments have helped to create an appetite for city centre living in northern England’s reviving urban areas, is to be taken private following an offer by a property fund to buy out minority shareholders.
A joint venture comprising JER, a US real estate fund, and Lehman Brothers has made a recommended cash offer for almost 21% of City Lofts.
The stake will rise to more than 30% when City Lofts directors and other “concert party” investors well some of their own holdings.
