Vukile Property Fund Limited has announced its response to the proposed voluntary cash tender offer for Lar España Real Estate Socimi S.A. shares. This offer, made by a consortium led by Hines European Real Estate Partners III SCSp and a vehicle controlled by Grupo Lar Inversiones Inmobiliarias, S.A., is set at €8.10 per share, subject to reductions by any distributions Lar España may declare during the offer period.
Key Details of the Takeover Offer
Consortium Partners:
- Hines European Real Estate Partners III SCSp
- Grupo Lar Inversiones Inmobiliarias, S.A. (Lar España’s asset manager)
Offer Price:
- €8.10 per share, adjusted for any declared distributions during the offer period.
Vukile’s Current Stake and Initial Response
Vukile, through its subsidiary Castellana Properties Socimi S.A., holds a 28.7% stake in Lar España. The Board of Vukile has confirmed that no discussions have taken place with the Consortium regarding this potential transaction. Vukile intends to review the offer in detail and analyze various strategic alternatives.
Vukile’s Strategic Investments
Vukile’s investment strategy focuses on retail properties, particularly in Spain, through Castellana Properties. Castellana holds a significant stake in Lar España, a leading Spanish REIT specializing in shopping centers.
Major Investments:
- Castellana Properties: Subsidiary managing Vukile’s Spanish retail investments.
- Lar España Stake: 28.7%, making Vukile a key shareholder.
Lar España’s Market Position
Lar España Real Estate Socimi S.A. is a Spanish REIT focusing on retail real estate. The company has a strong portfolio of shopping centers and retail parks across Spain.
Key Metrics:
- Market Focus: Retail real estate in Spain.
- Asset Portfolio: Shopping centers and retail parks.
Consortium’s Takeover Offer
The Consortium’s offer of €8.10 per share represents a strategic move to acquire a significant stake in Lar España. This offer is contingent on the reduction by any declared distributions during the offer period.
Offer Details:
- Price Per Share: €8.10
- Adjustments: Reduced by any distributions declared during the offer period.
Conclusion
Vukile Property Fund Limited is at a crucial juncture with the proposed takeover offer for Lar España. The Board’s commitment to a thorough review and strategic analysis reflects Vukile’s dedication to maximizing shareholder value and maintaining its strong market position.