Atenor makes takeover bid for Westland

Belgian real estate group Atenor has announced it intends to launch a public takeover bid for all the listed certificates backed by a part of the Westland Shopping Centre in Anderlecht, Brussels.

Atenor is offering EUR 825 per certificate. The 38.420 Westland 1980 real estate certificates were issued in 1980 and are listed on NYSE EURONEXT Brussels. The certificates had a duration of 30 years and are due to expire at end-December 2010. Unless the duration of the certificates is extended, the underlying rights on the shopping mall will have to be sold within three years.

Atenor has experience in valuing real estate assets for institutional investors and it hopes 'to be in a position, in good understanding with the managers of the certificates, to bring added value to the search for investors, as well as to the optimizing and the enhancing of the value of the underlying rights'.