Praxis exits Capital & Regional bidding war
Property investment and management company Praxis has announced that it does not intend to make an offer for Capital & Regional, months after entering a bidding war for the real estate investment trust.
This leaves NewRiver as the sole potential bidder for Capital & Regional, with the group having been given until Thursday to announce whether it intends to make an offer.
Praxis first announced its interest in making an offer for Capital & Regional back in July, and alongside NewRiver had been given a number of extensions.
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 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.
Capital & Regional is specialist manager of shopping centres in the UK with six centres under management comprising over 520 shop units.