This article is from the Australian Property Journal archive
THE Centuria Metropolitan REIT has launched a rival $316 million takeover bid for the GPT Metro Office Fund, trumping the Growthpoint Properties Australia offer.
The bid follows Centuria Capital acquiring a 12.6% interest in GMF and Centuria Property Funds Limited acquiring a 3.5% interest, taking their combined stake to 16.1% in the trust.
CMA has made a $2.46 scrip and cash proposal to acquire all of the units in GMF. The offer price is higher than Growthpoint’s $2.41 bid.
Centuria CEO listed property Nicholas Collishaw said CMA’s bid is superior to the proposal submitted by Growthpoint Properties Australia (GOZ).
“We believe the offer to GMF unitholders is financially superior to the current alternative. It is also the best continuation of the current unitholder proposition for CMA and GMF, with enhanced prospects.
“We believe the combination of the CMA and GMF portfolios best meets GMF unitholders’ expectations of underlying asset quality and return profile. We expect the combination of these highly complementary property portfolios to improve the long term investment outcomes for the unitholders of both, while also maintaining or improving existing earnings,” he added.
“The opportunity to merge CMA and GMF improves the composition of the combined portfolio and creates potential to add additional value through active management. The Centuria investment in CMA and GMF, and the further support provided in the proposal by Centuria Capital, ensures its investment goals are aligned with the combined groups’ investors.
“We look forward to discussing the Centuria Proposal with GMF’s independent board committee and progressing the proposal for the benefit of all investors,” Collishaw concluded.
Australian Property Journal
