February 16, 2018 / 11:09 PM / 6 months ago

BRIEF-Adler Real Estate Signed An Agreement To Purchase 41.04 Percent Stake In Brack Capital Properties

Feb 16 (Reuters) - Adler Real Estate Ag:

* DGAP-ADHOC: ADLER REAL ESTATE AG: AGREEMENT SIGNED TO PURCHASE 41.04% STAKE IN BRACK CAPITAL PROPERTIES N.V. AND PUBLIC TENDER OFFER ANNOUNCED

* SAYS TRANSACTION TO BE FINANCED FROM EXISTING AVAILABLE FUNDS, PROCEEDS FROM RECENT SALE OF ACCENTRO REAL ESTATE AG

* ADLER REAL ESTATE- TO OFFER ALL SHAREHOLDERS 440 ILS PER SHARE IN BRACK CAPITAL PROPERTIES N.V. FOR A TOTAL CONSIDERATION OF C. ILS 2.4 BILLION​

* ‍INTENTION TO LAUNCH A PUBLIC TENDER OFFER FOR ACQUISITION OF UP TO 25.8% ADDITIONAL SHARES​

* ‍ADLER IS TARGETING A STAKE OF UP TO 70% PLUS ONE SHARE IN BCP FOR A MAXIMUM CONSIDERATION EQUIVALENT TO APPROX EUR 539 MILLION​

* ADLER REAL ESTATE -‍EXPECTS TRANSACTION WILL IMPROVE ITS FFO I BY C. EUR 20 MILLION ANNUALLY AND ENHANCE VALUE OF ITS CORE PORTFOLIO BY MORE THAN EUR 1 BILLION​

* ‍UPON COMPLETION CO EXPECTS TO REALIZE OPERATIONAL AND FINANCIAL SYNERGIES IN AN EXPECTED AMOUNT OF EUR 6 MILLION ANNUALLY​ Source text for Eikon: Further company coverage:

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