trending Market Intelligence /marketintelligence/en/news-insights/trending/heZoSH44MSYdBxZ7DutIfA2 content esgSubNav
In This List

Growthpoint Properties aims to buy 51.2% stake in Capital & Regional

Video

According to Market Intelligence, December 2022

Blog

Insight Weekly: Layoffs swell; energy efficiency PE deals defy downturn; 2023 global risk themes

Blog

Insight Weekly: Energy crisis cripples Europe; i-bank incomes rise; US holiday sales outlook

Blog

Japan M&A By the Numbers: Q3 2022


Growthpoint Properties aims to buy 51.2% stake in Capital & Regional

South Africa-listed Growthpoint Properties Ltd. seeks to buy an approximately 51.2% stake in the U.K.-based retail real estate investment trust Capital & Regional PLC.

Growthpoint agreed to offer 33 pence in cash per share to acquire 219,786,924 shares of Capital & Regional, representing approximately 30.3% of Capital & Regional's issued share capital. The offer values Capital & Regional's issued share capital at about £239.7 million. It will also subscribe to acquire 311,451,258 new shares of Capital & Regional at 25 pence apiece to raise about £77.9 million.

The offer price represents a premium of approximately 100% to the company's Sept. 10 closing price of 16.5 pence per share. The deal is expected to close by the end of 2019.

Capital & Regional's directors plan to recommend unanimously that the company's shareholders accept the offer.

Goldman Sachs is financial adviser to Growthpoint. Numis and J.P. Morgan Cazenove are joint financial advisers to Capital & Regional. FTI Consulting is PR adviser to the companies.