Haslemere taken private for £900m

HASLEMERE, the British property company listed in Holland, is set to go private after an Israeli investment fund offered e1.46bn (£900m) for it. The board is backing Brack Capital Real Estate's bid of e63.75 a share, a discount of 16.8% to the net asset value of e76.62.

Chairman Chris Bartram said the company's share price had languished as Dutch investors did not want to back a company that gave them sterling exposure.

Haslemere's portfolio of 130 commercial properties is located in Britain and includes the Arndale shopping centre in Leeds, the Princes Mall in Edinburgh and The Meadows in Chelmsford.

Bartram also said that Haslemere cannot get on any of the British indices and its share price discount to net asset value has been lower than those of its rivals. He said that Brack's offer represented an 'excellent opportunity' for shareholders, reflecting a premium of 18.2% to the price the day before Haslemere announced that an offer was being discussed.

Bartram will stay on and look at ways of expanding the group for the company's new owners. Brack is backed by New York private equity firm Apollo International Real Estate and by Merrill Lynch.