European commercial real estate company Geneba Properties has announced that its majority shareholder, Frasers Property Investment Holland, has commenced a buy-out procedure after crossing the threshold of 95% of depositary receipts in Geneba.
Frasers Property, the European arm of Singapore-incorporated Frasers Centrepoint, launched a one-time all-cash offer for the remaining 13.44% of depositary receipts (DR) in Geneba on 4 August at an offer price of €3.74 per DR.
It already acquired a 86.56% stake in Geneba from Catalyst RE Coöperatief U.A. (Catalyst) on 5 July 2017.
According to Geneba, the deadline for accepting the offer is 17.00 on 8 September 2017.
With a stake of more than 95% in Geneba, Frasers Property is entitled under Dutch corporate law to commence the buy-out procedure to acquire all DRs in Geneba. Geneba said it would terminate the listing agreement it has with NPEX.
Amsterdam-based Geneba's investment strategy focuses on corporate real estate assets, in particular logistics and light industrial buildings in Germany and the Netherlands.
The company currently owns and manages a property portfolio of approximately €540 mln as of 28 February 2017 consisting of long-term leased corporate real estate assets.
