Capital & Regional shareholders green light NewRiver takeover
Capital & Regional is set to be acquired by fellow real estate investment trust NewRiver after its shareholders approved the takeover.
NewRiver submitted a formal bid to acquire Capital & Regional for £147m in September, which would see the creation of a combined retail portfolio worth around £900m.
Capital & Regional announced on Wednesday that over 99% of its shareholders had approved the proposals following a court meeting and a company general meeting.
The group’s shares on the London Stock Exchange will now be suspended on December 10.
NewRiver first submitted a preliminary expression of interest to Capital & Regional’s majority shareholder, Growthpoint, regarding a full takeover back in May.
Capital & Regional had also attracted the interests of the Johannesburg-based Vukile Property Fund as well as property investment and management company Praxis, however both firms pulled out of the race leaving NewRiver in the driving seat.