Eurazeo Patrimoine, along with Arax Properties Ltd reached an agreement to acquire Euston House in London from Stenprop Limited (JSE:STP) for £67.2 million on January 10, 2019. Pursuant to the terms of the acquisition, Eurazeo and Arax will acquire the Euston House for an aggregate initial consideration of £44.3 million, which is based on the estimated net asset value of Euston House (purchase consideration), which values the the property at £95 million. In addition, Arax and Euraxeo will fund the repayment of a shareholder loan owing by the property manager to Stenprop of approximately £22.9 million. The purchase consideration is subject to a further post-completion adjustment to take account of any difference between the actual and the estimated net asset value at completion. Failure to complete the transaciton by the expected closing date, in certain circumstances will lead to a default by Arax Properties and Eurazeo and will result in Stenprop (UK) Limited, a wholly-owned subsidiary of Stenprop, retaining the deposit of £4.50 million which was paid by Arax Properties and Eurzeo on exchange on January 10, 2019. Completion of the transaction is conditional upon Stenprop carrying out a corporate reorganization in respect of the entities that hold the property and Dekabank Deutsche Girozentrale ("Dekabank") consenting to such reorganization. The transaction is not subject to approval by shareholders of Stenprop Limited. Completion is expected to occur by no later than April 5, 2019. The net proceeds from the disposal will be used to reduce the short-term borrowings used to fund the acquisition of the portfolio of MLI properties announced by Stenprop on December 24, 2018 and to fund further acquisitions in the MLI sector. Hugh Jonathan and Vicki Paine of Numis Securities Limited acted as financial advisors to Stenprop Limited. Joachim Apra, Marc Castagnede, Clemence Colson, Pierre Dabin, Charles del Valle, Jacques Graas, Xavier Jancène, Romy RICHTER, Jean Schaffner and Guillaume Valois of Allen & Overy LLP acted as legal advisors to Eurazeo Patrimoine. Ernst & Young acted as due diligence provider and financial advisor to Eurazeo Patrimoine.