Germany's AGROB shares up after RFR bids to buy majority stake from funds
01/10/2021 11:09
FRANKFURT, Oct 1 (Reuters) - Shares in German real estate
firm AGROB Immobilien AGRG.MU soared 25% on Friday after
property firm RFR agreed to buy a majority stake in the firm
from funds backed by Apollo APO.N and launched an offer for
the remaining shares.
The bid, which values AGROB at 150 million euros ($174
million), foresees an offer of 40.05 euros per ordinary shares
and 36.44 euros per preferred share AGRG_p.MU , RFR said in a
regulatory filing late on Thursday.
RFR has already agreed to buy 81.9% of AGROB's ordinary
stock and 24.7% of the firms preferred stock from funds managed
by affiliates of private equity firm Apollo at that price, it
added.
AGROB's preferred stock was up 15% at 36 euros apiece.
RFR, founded in 1991 by Aby Rosen and Michael Fuchs, owns
and manages some of Manhattan's most prestigious office
properties, including the Seagram Building and Lever House,
which are located on Park Avenue.
In 2019, it teamed up with Signa Holding GmbH, Austria's
largest privately owned real estate company, to buy the iconic
Chrysler Building in New York City.
Activist fund ENKRAFT last year disclosed it had built a
stake in AGROB and criticised the group for failing to raise the
firm's value, adding a valuation of more than 400 million euro
for AGROB's portfolio was more realistic. urn:newsml:reuters.com:*:nL8N2H31GN
"It is to be hoped that the experienced real estate
developer Rosen/RFR will pursue a more meaningful strategy for
stakeholders and shareholders," ENKRAFT managing director
Benedikt Kormaier said.
($1 = 0.8637 euros)
(Reporting by Christoph Steitz; Editing by Edmund Blair)
((christoph.steitz@thomsonreuters.com; +49 30 220 133 647;))