NR Nordic & Russia Properties has unveiled plans to dispose of its entire real estate portfolio, shortly after the company's shareholders turned down a EUR 114 mln takeover bid by the investment firm of the Livingstone brothers.
NR Nordic & Russia Properties has unveiled plans to dispose of its entire real estate portfolio, shortly after the company's shareholders turned down a EUR 114 mln takeover bid by the investment firm of the Livingstone brothers.
In a statement to the stock exchange, the company announced the decision to implement 'an orderly asset realisation programme over the next three to four years, with a view to maximising shareholder returns'.
'The board is of the view that a combination of improving market conditions and various asset management initiatives will allow appropriate prices to be achieved,' said NR Nordic & Russia, which owns a portfolio consisting of 38 properties with 985,000 m2 of floor area and a value of EUR 550 mln. The assets generate an annual gross rental income of EUR 78 mln. Around 67% of NR Nordic's assets by value were held in Sweden and 21% in Russia.
In January this year, the Euronext-listed company received a 24 euro cent in cash per share offer from the Livingstones' Holowent vehicle but only 2.4% of its shareholders accepted the offer. Holowent owns a nearly 25% stake in the company.
As a result of the change in strategy, Ian Livingstone and Michael Hirst will step down from the board and the company has announced the appointment of Thomas Lindeborg, a former director at London & Regional. The board is exploring potential new changes to the company's management to reflect the new strategy, it said.
