Lone Star Funds first offered to buy London property developer Quintain Estates & Development for a 22 percent premium. With investors competing for real-estate assets across Europe, hedge fund Elliott Associates was able to sway the private-equity firm to raise its bid. Firms from Lone Star to Qatar Investment Authority and China Investment Corp are increasing their real-estate holdings as Europe’s economy recovers. For them, bigger assets are preferable, with larger portfolios fetching higher prices. Lone Star succeeded with its bid for...
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