Brisbane-based global real estate investment manager Cromwell Property Group has approached London-listed firm RDI Reit about a potential takeover, both companies have confirmed.
Cromwell said it noted recent media speculation about RDI, confirmed the approach and said that discussions between the parties were ongoing. Cromwell added that that 'any transaction' would be in line with its strategy 'to expand its investment footprint in the UK and Europe'.
Over half of Cromwell’s A$11.5 bn (€7.23bn) of assets under management are currently located in Europe. RDI's £1.6bn (€1.88 bn) diversified portfolio is concentrated in the UK and Germany.
Cromwell said that there could be no certainty a formal offer would be made, but said that a deadline for a bid had been stipulated at 17.00 UK time on April 23.
Goldman Sachs International is acting as lead financial advisor to Cromwell, with Morgan Stanley also advising the Australian firm.
