Property group Vukile and its subsidiary Castellana Properties Socimi say they have taken note of the proposed voluntary cash tender offer for the shares of Lar España Real Estate Socimi, and will review the proposed offer in detail and analyse its various strategic alternatives.
A consortium formed between Hines European Real Estate Partners III and a vehicle controlled by Grupo Lar Inversiones Inmobiliarias has proposed a voluntary cash tender offer for the shares of Lar España at a price of €8.10 per share, which will be reduced by any distribution that Lar España may declare during the offer period, based on the offer announcement.
“The board of Vukile confirms that it has not had any discussions with the consortium with regards to the potential transaction, and that as 28.7% owner of Lar España through Castellana, will review the proposed offer in detail and analyse its various strategic alternatives,” it said in a statement on Tuesday.
BofA Securities and Linklaters are acting as financial and legal adviser respectively to Castellana and Vukile.
SA-based Vukile owns a portfolio of shopping malls predominantly in townships and rural areas in the home market, while the Spanish assets are held in the Madrid-listed subsidiary Castellana, in which Vukile has a 99.5% interest.
Some of its shopping centres include East Rand Mall and Daveyton Mall in Gauteng, Hammarsdale Junction, Phoenix Plaza, KwaMashu Shopping Centre and Pine Crest in KwaZulu-Natal.
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