European logistics specialist CTP said on Tuesday that it has received strong support from shareholders of Deutsche Industrie REIT (DIR)following its €800 mln public takeover and delisting offer for the German firm.
CTP, which announced the bid last October as part of plans to enter the logistics real estate market in Germany, said that it has received backing from over 83% of shareholders following closing of the initial acceptance period.
Under the offer, which has also receiving approval from DIR’s management and supervisory boards, CTP is offering either a cash consideration of €17.12 or a share consideration of 1.25 CTP shares for each tendered DIR Share.
In a statement, CTP said that the deal ‘is expected to provide a springboard to unlock further growth in Germany and beyond and strengthen CTP’s position as continental Europe’s largest listed owner, operator and developer of logistics and industrial properties’.
DIR shareholders who have not yet accepted the offer can tender their DIR shares during the additional acceptance period which expires on 25 January 2022.
DIR's portfolio consists of 1.6 million m2 GLA across 3.9 million m2 of land, meaning that the all-in acquisition cost amounts to €728 per m2 of GLA, significantly below replacement costs.
CTP said it would target significant improvements in the sustainability profile of DIR’s largely non ESG-certified logistics portfolio.
Remon Vos, founder and CEO of CTP, said at the time of announcing the offer: 'CTP is quickly delivering on the pan-European active growth strategy we outlined during our IPO earlier this year.
'Through our proposed acquisition of Deutsche Industrie REIT, we create a meaningful entry into the German logistics and industrial real estate market. We are buying a portfolio of scale, below replacement value, where we believe we can increase rental values, improve operating margin, and realise redevelopment potential.
'CTP will leverage DIR’s proven track record in acquiring and sourcing industrial and logistics assets across Germany and combine this with our proven development capabilities. Combining DIR’s and our portfolio and tenant bases are expected to result in synergies that make for a compelling deal and immediately add to CTP’s EPRA earnings per share.'
