Centerbridge, TowerBrook Explore $2 Billion Aareal Bank Takeover

A consortium led by private equity firms Centerbridge Partners and TowerBrook is exploring a takeover of Aareal Bank AG valuing the German real estate lender at about 1.7 billion euros ($2 billion).

The investor group, which also includes Advent International, has started talks on the potential acquisition of a majority stake in Aareal, according to a statement Thursday. They are considering a bid of 29 euros per share, Aareal said in the statement, which confirmed an earlier Bloomberg News report on their interest.

An offer at that level would represent a 23% premium to Aareal Bank’s Wednesday closing price. ...