Listed Munich residential firm JK Wohnbau has confirmed that it has received an offer from Berlin-based Grand City Property Group aimed at taking control of the company. According to news reports, Grand City - which is owned by Israeli investors - is offering up to EUR 10 per share valuing the company at around EUR 170 mln.
Listed Munich residential firm JK Wohnbau has confirmed that it has received an offer from Berlin-based Grand City Property Group aimed at taking control of the company. According to news reports, Grand City - which is owned by Israeli investors - is offering up to EUR 10 per share valuing the company at around EUR 170 mln.
'JK Wohnbau is currently engaged in strategic discussions with Grand City Property Group which may include acquisition of controlling interest in JK Wohnbau AG by Grand City,' the company said in a statement.
JK has a development pipeline of over EUR 1 bn in and around Munich.
Grand City Property is owned by Israeli Investors and led by Israel businessmen Yakir Gabay. The company is investing substantially into German real estate with a property portfolio of over EUR 2 bn. Grand City claims to be the largest hotel owner in Germany and the second largest hotel operator in Germany, with over 100 hotels across the contry.
