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Green REIT board recommends €1.34bn sale to Henderson Park

Green REIT board recommends €1.34bn sale to Henderson Park – Green REIT has reached agreement on the terms of a cash offer by Henderson Park to acquire it.

The independent Green REIT board has unanimously recommended the deal, which will see Henderson Park subsidiary HPREF Dublin Office Bidco acquire the company for around €1.34bn.

Under the terms of the deal, Green REIT shareholders will be entitled to receive €1.9135 in cash for each Green REIT share.

The acquisition price represents a premium of around 24.7% to Green REIT’s closing share price of €1.534 on 12 April 2019 (being the last business day prior to the announcement of the commencement of a sales process for Green REIT on 15 April 2019); 4.9% to Green REIT’s closing share price of €1.824 on 13 August 2019; and 2.3% to Green REIT’s EPRA NAV per share as at 30 June 2019.

Commenting on the acquisition, Gary Kennedy, chair of Green REIT, said: “Green REIT has been trading at a persistent structural discount to its underlying Net Asset Value since early 2016. This persistent discount has been inconsistent with the value of the company’s assets, management, business plan and performance as well as the Irish commercial property sector. Having undertaken a detailed strategic analysis, the board determined that it was in the interests of shareholders to conduct a sale process to solicit offers for the company or its assets. Following a highly competitive process, the cash offer by Henderson Park to acquire the company represents an attractive outcome for shareholders delivering a premium to the share price prior to the announcement of the sale process and to Green REIT’s Net Asset Value.”

The acquisition is conditional on: the approval by Green REIT shareholders.

GRN : Green REIT board recommends €1.34bn sale to Henderson Park

 

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