Teesland, the Edinburgh-based property fund manager, has agreed a £200 mln (EUR 298 mln) takeover offer from SCAMP Holdings, a property company controlled by chairman of Sheffield United football club Kevin McCable. SCAMP, whcih accounts for a substantial portion of Teesland's business, is offering 159.25 pence a share for Teesland, 38% more than the closing price on Wednesday. Teesland's share price jumped 35% on the news.
Teesland, the Edinburgh-based property fund manager, has agreed a £200 mln (EUR 298 mln) takeover offer from SCAMP Holdings, a property company controlled by chairman of Sheffield United football club Kevin McCable. SCAMP, whcih accounts for a substantial portion of Teesland's business, is offering 159.25 pence a share for Teesland, 38% more than the closing price on Wednesday. Teesland's share price jumped 35% on the news.
In 2004 Teesland acquired Property Fund Management, the parent company of specialist industrial property fund manager; iOG. The merged group adopted the name Teesland iOG and doubled the funds under management from £1.6 bn following the merger to £3.2 bn by June 2006. It has a network of 15 offices and over 200 staff working across western and central Europe.
