Winten Ltd, the bidding vehicle of Leo Noé, has agreed to buy Estates & General plc (E&G) for around £70.7 million. Noé’s company, which last year failed in its bid to acquire Derwent Valley, will pay 255p per share for E&G.
Winten said it had received acceptances from shareholders controlling approximately 75.2% of the company.
E&G’s portfolio is primarily weighted towards office space in the South East. Major assets include the 58,180 Manfield Park in Cranleigh; Avis House, a 59,562 sq ft office scheme in Bracknell; and the 43,678 sq ft Liongate office building in Guildford.
Kevin McGrath of REIT Asset Management, which is advising Winten, commented: “We believe that this offer represents full and fair value for an attractive, well-let investment portfolio. It provides further evidence of the Winten Group’s commitment to the UK commercial property sector.”
E&G Chairman, David Cull, added: “This offer represents a successful outcome following our recent strategic review which was initiated, in part, as a consequence of recent changes to our shareholder register, which resulted in over 70% of Estates & General shares being effectively controlled by three parties. The offer crystallises immediate and good value for all our shareholders.”
Rothschild is advising E&G.
Source: Freeman / PR Wire