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RDI share price rises sharply after Starwood acquisition plans
By Edward West
Share
The share price of the UK-based RDI real estate investment trust (Reit) shot up 34.57 percent to close at R25.34 on the JSE on Friday after its board agreed to a cash offer from Starwood Fund, the 29.59 percent owner of RDI s shares, to buy the rest of the shares.
SOF-12 Cambridge Bidco, a new company owned by Starwood Funds, and RDI s directors said in a statement on Friday morning that they had reached agreement on the cash offer for the entire issued share capital of RDI.
Starwood managing director and head of Real Estate Europe Krysto Nikolic said they believed the acquisition was an attractive opportunity for investors to realise liquidity, and at a significant premium to the threemonth average price per RDI share.