Dutch listed retail property fund Vastned Retail has confirmed it has received non-binding indications of interest from a number of potential bidders. The company said it will assess the interest shown and decide which of the parties will be given access to its data room to carry out due diligence. The data room is expected to be available from 14 December.
Dutch listed retail property fund Vastned Retail has confirmed it has received non-binding indications of interest from a number of potential bidders. The company said it will assess the interest shown and decide which of the parties will be given access to its data room to carry out due diligence. The data room is expected to be available from 14 December.
Last week, Vastned Retail said it was giving potential bidders access to its books in preparation for potential bids for the company. Vastned said due diligence reviews by interested parties would be concluded no later than the first quarter of 2008. Vastned will then enter into discussions with one or more parties, 'which may result in one or more offers on the VastNed Retail shares'. Vastned Retail has appointed Kempen & Co as financial adviser and Stibbe as legal adviser.
The move is in response to a EUR 1.15 bn bid launched by IEF Capital, a joint venture of Bouwfonds Asset Management and Inflation Exchange Fund (IEF), earlier this month. The board of Vastned Retail dismissed the bid, which amounts to EUR 70 per share, as 'substantially below the true value of VastNed Retail shares'. IEF Capital was not deterred and said it planned to present the offer to all Vastned shareholders, including pension fund PGGM which holds 20% of the shares. PGGM indicated that it was not involved in IEF Capital's bid.
Vastned Retail has a portfolio of 570 properties in six countries which at end-2006 was valued at EUR 1.7 bn. Some 47% of the portfolio consists of inner-city shops, shopping centres account for 40%, retail warehouses 8% and the remaining 5% is listed as 'other'.
