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Almacantar could go on the block: CoStar News
Posted on Friday, 12 January 2018 15:53
UK property developer Almacantar may be about to be sold off, according to CoStar News.
The property-focused news website said the firm’s owners were embarking on a major investment drive which could lead to a divestment of the business, which is worth GBP 2.00 billion.
A source said Rothschild had been appointed to advise on the process, with the instruction to double the firm’s value to GBP 4.00 billion.
This person told CoStar News the company had become a victim of its own success and needs significant injections to continue growing.
The publication said existing shareholders believe an offer for the whole business could result in further development, although they noted that the introduction of a new shareholder might have the same effect.
Almacantar was founded in 2010 and specialises in large scale, complex property investments in Central London.
The company has acquired in excess of 1.50 million square feet to date and established a portfolio including high profile locations such as Marble Arch Place, 125 Shaftesbury Avenue and One and Two Southbank Place.
According to Zephyr, the M&A database published by Bureau van Dijk, there were 2,245 deals targeting real estate property managers announced worldwide during 2017.
The largest of these involved Unibail-Rodamco upping its stake in Australia-based Westfield. The deal, which is worth USD 24.70 billion, was announced in December and is slated to close during the first half of this year.
This was followed by the USD 5.92 billion purchase of an 85.4 per cent stake in Eurosic by Gecina, which completed in late August.
Others in the sector to have been targeted last year include The Center (Holdings), Deutsche Wohnen and Vonovia.
© Zephus Ltd