Homburg Invest has entered a binding agreement to acquire just under three million shares, representing approximately an 11% stake, in Montreal-based Alexis Nihon Real Estate Investment Trust for an undisclosed sum. Homburg already held 8.6% of Alexis Nihon following several transactions last month. This leaves Homburg with a holding of around 19.5%, slightly below what it requires to tender a formal bid for Montreal-based real estate investment trust Alexis Nihon which is at the centre of a three-sided takeover battle.
Homburg Invest has entered a binding agreement to acquire just under three million shares, representing approximately an 11% stake, in Montreal-based Alexis Nihon Real Estate Investment Trust for an undisclosed sum. Homburg already held 8.6% of Alexis Nihon following several transactions last month. This leaves Homburg with a holding of around 19.5%, slightly below what it requires to tender a formal bid for Montreal-based real estate investment trust Alexis Nihon which is at the centre of a three-sided takeover battle.
Based in Halifax, Canada, Homburg Invest is controlled by Dutch investor Richard Homburg. The company said it has acquired the Alexis Nihon stake for investment purposes and may, depending on the market and other conditions, increase or decrease its 'beneficial ownership, control or direction' over units of Alexis Nihon through 'market transactions, private agreements, a takeover bid or otherwise'. BMO Capital Markets advised Homburg in relation to Alexis Nihon.
Cominar, a property company in Quebec City, increased its takeover offer from $17 to $18.50 per Alex Nihon share last week. It is seeking to create a dominant REIT in Quebec with holdings in retail, office and industrial property. Summit, the third largest REIT in Canada, has built up a 19.9% stake in Alexis Nihon. Summit was taken over last year by Dutch financial giant ING.