The Wellcome Trust has made a 拢506m (鈧�551m) cash offer for UK property developer and investor Urban&Civic.
Wellcome is offering to pay Urban&Civic shareholders 345 pence for each share held, an offer which represents a 63.5% premium to the Urban&Civic share鈥檚 last closing price of 211p.
The acquisition, which is being implemented by a court-approved agreement and shareholders approval, is expected to be completed early next year.
Urban&Civic is a master developer and has completed over 660 plots for housebuilders. The company鈥檚 portfolio includes the 1,425-acre Alconbury Weald site in Cambridgeshire, the 1,170-acre RadioStation Rugby and the 794-acre Manydown Basingstoke site.
Peter Pereira Gray, managing partner and CEO of the investment division of Wellcome, said: 鈥淲e are very pleased to announce this recommended offer, which is fully aligned with our existing strategy of investing in businesses over the long term.
鈥淭he offer by Wellcome for Urban&Civic represents a compelling value proposition for Urban&Civic鈥檚 shareholders at an attractive and certain value in cash today, reflecting the high quality of the business, its people and its future prospects.
鈥淲e know the Urban&Civic business and its experienced management team from our recent joint venture together.鈥�
Alan Dickinson, chairman of Urban&Civic, said: 鈥淭he acquisition provides a persuasive outcome for all stakeholders. A cash offer above up-to-date NAV outperforms the FTSE 350 Real Estate Index by some 70% since listing in 2014 and secures returns for our loyal and supportive specialist shareholder base, much of which has been with us for the whole journey.鈥�
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