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Henderson lodges offer for Green
Posted on Wednesday, 14 August 2019 10:29
Henderson Park Real Estate Management is offering to take Green REIT private for EUR 1.34 billion to gain access to a large institutional office portfolio and a strategic logistics park through a single transaction.
The EUR 1.91 cash bid equates to a premium of 24.7 per cent to the undisturbed close on 12th April, being the last business day before the Dublin-headquartered real estate investment trust (REIT) kicked off a sales process.
It is also 32.5 per cent higher than the 180-day volume weighted average of EUR 1.44 and is up 2.3 per cent on European Public Real Estate Association net asset value (EPRA NAV) per share as at 30th June 2019.
Green was the first REIT established in Ireland following the introduction of relevant legislation by the Irish Government.
The Company's stated strategy is to create a portfolio consisting primarily of commercial real estate to deliver income and capital growth through opportunistic investments, active property management and prudent use of debt finance.
Over a six-year period between going public in 2013 to 30th June 2019, Green has nearly doubled its EPRA NAV per share from 96.70 European cents to 187.10 cents.
Total shareholder return over the same period was 109.0 per cent, compared to 27.0 per cent for the FTSE 350 Real Estate Super Sector and 62.0 per cent for ISEQ.
In April, following a review of strategic options, Green decided to launch a sales process for the whole company or its assets as its shares were trading at a discount to the value of its property portfolio.
The group received initial proposals, of which three went through to the due diligence stage, with best and final bids due 25th July.
Henderson’s offer is the 17th largest public takeover of an Irish company on record, according to Zephyr, the M&A database published by Bureau van Dijk.
© Zephus Ltd