Praxis considers acquisition of shopping center owner Capital & Regional
Real estate investment group Praxis is considering a takeover of shopping centre owner Capital & Regional.
Praxis, which operates 19 shopping centres in the UK, said it was considering a cash offer for the listed property investment trust (REIT). It did not give Capital & Regional any suggestion on what an offer price or terms might be.
Praxis has until the end of August 16 to announce a definitive intention to make a bid or not. But it could extend the deadline if regulators agree.
Capital & Regional, which owns shopping centres in Edinburgh, London and Kent, says it has assets worth £373m.
The news fuelled fears that another company could soon be delisted from the London Stock Exchange. Capital & Regional shares, listed since 1993, rose 1.4 per cent, or 0.9p, to 65p yesterday.
Best way forward: Praxis, which operates 19 shopping centres in the UK, said it is considering an all-cash bid for Capital & Regional
Praxis is the third potential buyer to have shown interest in less than two months.
NewRiver made a proposal to Capital & Regional’s largest shareholder in May, when Vukile Property Fund also withdrew its bid.
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