International developer-investor Frasers Property has agreed to acquire Geneba, owner of German and Dutch logistics and industrial assets, from private equity firm Catalyst Capital.
Geneba's main shareholder is Amsterdam-based Catalyst Cooperatief, through which two Canadian investment funds managed by Catalyst Capital of Toronto hold stakes.
Catalyst has entered into a conditional agreement with Frasers Property for the sale of its 86.56% stake in the company for a consideration of €315.9 mln.
'Following the exploration of strategic alternatives announced in December 2016, we are very pleased to have reached an agreement that is in the interest of all our stakeholders and in particular represents significant value creation for our shareholders,' commented Wulf Meinel (pictured), CEO of Geneba.
Frasers Property has agreed to acquire Geneba for a cash consideration of approximately €3.67 per depositary receipt, assuming closing of the Catalyst 86.56% stake deal on 30 June 2017.
Geneba owns and manages long-lease logistics and industrial assets in Germany and the Netherlands. The 690,000 m2 portfolio is valued at €540 mln, and generates annual rent of €39 mln. The company is headquartered in Amsterdam and listed on NPEX, the stock exchange in the Netherlands for small and medium-sized companies.
'In a relatively short time, Geneba has become a premier European commercial real estate company with a focused and profitable portfolio of logistical and light industrial properties that are mission critical to its tenants,' added Meinel. 'We are pleased to now partner with Frasers Property, who have a deep and thorough knowledge of our business and are supportive of our client focus and growth strategy.'
Fraser Property comprises the international property activities of Frasers Centrepoint Limited (FCL), a Singapore-listed real estate development and investment group.
Panote Sirivadhanabhakdi, group CEO of FCL, said: 'We are impressed with Geneba's accomplishments in the European market and look forward to exploring growth opportunities arising from the combination of Frasers Property’s multi-geographical capabilities with Geneba’s demonstrated local expertise.'
