GPR 250 Europe Index advances further

Europe’s listed property companies, as represented by the GPR 250 Europe Index, booked further gains in August, extending their bull run to a sixth consecutive month.

The GPR 250 Europe Index added 2.8%, with Austria (7.9%), Sweden (6.5%) and the Netherlands (5.7%) taking the lead, while Norway (-8.6%) lost most. France and Finland both slipped 0.8%. 

Among August’s highlights were a fresh €53 per share takeover bid by German residential landlord Vonovia for peer Deutsche Wohnen, with a 20 September deadline for tendering shares. The deal is subject to a 50% acceptance threshold and, if reached, is expected to close at the end of the year.

Spain's Inmobiliaria Colonial bought out most of the minority shareholders in its French subsidiary SFL, raising its stake to 98.33%.

Central European shopping centre specialist Atrium European Real Estate confirmed that majority shareholder Gazit Globe has launched a fresh takeover offer, at €3.35 per share for the shares it does not already own. The targeted company's management board said it would relay its position once the bid was formally received. Gazit Globe also revealed its intention to turn Atrium European Real Estate into a wholly owned privately held company, with a subsequent delisting from the stock exchange.

Swedish group Castellum launched a takeover offer for Kungsleden valued at SEK 124 per share, with the bidder offering 70% in shares and 30% in cash. The acceptance period for the takeover offer is expected to commence on or around 30 September 2021 and end on or around 29 October 2021. The bid is conditional upon Castellum becoming the owner of more than 90% of the shares in Kungsleden, plus any necessary clearances from the competition authorities.



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