By Reuters Staff
2 Min Read
JOHANNESBURG (Reuters) - South Africa’s Redefine Properties reported a 62.7% decline in half-year headline earnings on Monday, due to asset sales and further rental relief to financially distressed tenants and said that it may pay a dividend.
The owner of retail, office and industrial properties said headline earnings per share, the main profit measure in South Africa, fell to 8.45 cents in the six-months that ended Feb 28, from 22.63 cents a year earlier.
During the period, total relief granted to its tenants amounted to 107.3 million rand ($7.58 million), made up of rental discounts of 81.5 million rand and deferred rental payments of 25.8 million rand, Redefine said.
By Reuters Staff
2 Min Read
(Reuters) - Equity Commonwealth, a U.S. real estate investment trust, will acquire rival Monmouth Real Estate Investment Corp for $1.91 billion in stock, the companies said late Tuesday.
Monmouth shareholders will receive 0.67 shares of Equity Commonwealth for each share they own, representing a premium of 6.3%, or about $19.40 per target company’s share based on Equity Commonwealth’s Monday close.
“The transaction provides Equity Commonwealth with a high-quality, net-leased industrial business with stable cash flows while preserving EQC’s balance sheet capacity for future acquisitions,” Equity Commonwealth Chairman Sam Zell said in a statement.
Monmouth’s portfolio comprises 120 properties totalling 24.5 million square feet across 31 states, the companies said in a statement.
By Reuters Staff
2 Min Read
(Reuters) -Germany’s CPI Property Group and Aroundtown SA on Wednesday offered to buy London-listed Globalworth Real Estate Investments in a deal valued at about 1.57 billion euros ($1.88 billion).
Shareholders in Globalworth, which mainly operates in the office sector in Poland and Romania, will be entitled to get 7 euros per share in cash, CPI said.
The German consortium said it currently holds about 51.5% of Guernsey-incorporated Globalworth. The offer represents a premium of nearly 20% to Globalworth’s last close.
Office real estate has taken a hit during the COVID-19 pandemic as restrictions forced people to work from home, while slow vaccination roll-outs in Europe has cast doubts on the speed of reopening and return to work plans.
By Reuters Staff
2 Min Read
(Reuters) -Globalworth Real Estate’s top shareholders are planning an unsolicited bid valuing the British firm at 1.57 billion euros ($1.88 billion), CPI Property said on Wednesday, sending the shares sharply higher.
CPI and Aroundtown own 51.5% of Globalworth, which operates mainly in the office sector in Poland and Romania.
The proposed bid would offer 7 euros per share in cash, CPI said, a premium of nearly 20% to Globalworth’s last close but news of the move sent the stock up 28% to 7.50 euros on Wednesday.
Globalworth “strongly advised” shareholders not to take any action in relation to the offer as it evaluates it, the firm said in a statement.
Breakingviews
By Reuters Staff
2 Min Read
Window cleaners wash the exterior of an office building in Gdansk, Poland October 24, 2019. Picture taken October 24, 2019.
(The author is a Reuters Breakingviews columnist. The opinions expressed are their own.)
LONDON (Reuters Breakingviews) - WORTH MORE. German property funds CPI Property and Aroundtown are attempting a cheeky raid on eastern European offices. The duo, which collectively own 51.5% of UK-listed Globalworth Real Estate Investments, offered on Wednesday to buy the remainder of the Poland- and Romania-focused group for just under 1.6 billion euros. At first glance, their 7 euro per share bid, a 19% premium to Globalworth’s undisturbed price, looks reasonable. Initial appearances, however, can be deceptive.