Praxis joins Capital & Regional bidding war
Praxis Group has emerged as the latest party to join the bidding war for real estate investment trust Capital & Regional.
The property investment and management company announced that it is in the early stages of considering whether or not to make a cash offer for Capital & Regional’s entire share capital.
In accordance with the stock market code, Praxis must announce whether or not it intends to make to make an offer by no later than 5pm on 16th August.
Praxis said there can be no certainty that an offer will be made, nor as to the terms of any such offer.
The firm is specialist manager of shopping centres in the UK with 19 centres under management comprising over 1,000 shop units.
Praxis joins NewRiver as a potential suitor to take over Capital & Regional.
In May, Capital & Regional’s majority shareholder, Growthpoint, had received a preliminary expression of interest from NewRiver regarding a full takeover. NewRiver has since been given two extensions to make an offer.
The REIT had also received an offer from the Johannesburg-based Vukile Property Fund regarding a possible cash and share offer for its entire issued share capital. However, Vukile pulled out after being unable to reach an agreement with Growthpoint – which controls around 68.1% of Capital & Regional’s share capital – as to the terms and structure of any possible offer.