Regional property specialist Redefine International (RDI) is proposing to buy the Aegon UK Property Fund (AUK) for £456m, subject to shareholder approval. In a separate transaction, it has also exchanged contracts unconditionally with AUK for the purchase of Banbury Cross Retail Park for £54.7m.
IC TIP:
Hold
at
53p
The AUK portfolio comprises 19 properties, a third of which are offices, 28 per cent retail parks, 20 per cent industrial and 9 per cent car showrooms. The deal will partly be financed through a new £303m banking facility, with additional funds to be raised through asset sales, new equity or further debt.
