Warner Estate Holdings has agreed to buy JS Real Estate for €161 million (£114 mln.)
The offer will improve Warner's status for conversion into a real estate investment trust (REIT). JS Real Estate said the takeover by Warner is a better option than converting to a REIT, with the offer fully reflecting the value of its assets. Warner added that its own conversion into a REIT would not take place before April 1.
In a separate statement, Warner said it plans to raise €30.3 million (£21.4 mln.) by placing 2.52 mln shares at 850 pence each, which will partly be used to fund its offer for JS Real Estate.