Monday 19 August 2019

Goodman family raises stake in Green Reit as property company prepares to shortlist potential buyers

Larry Goodman. Picture: Tom Burke
Larry Goodman. Picture: Tom Burke

Donal O’Donovan

The Goodman family has raised its stake in takeover target Green Reit to 2.28pc as the stock market listed property company prepares to shortlist potential buyers.

Beef baron Larry Goodman’s Vevan Unlimited has been building a stake in Green Reit as the €1.3bn listed property company runs a sale process, but is understood not to be a bidder in its own right. The Goodman family built up a stake in Independent News & Media (INM) ahead of its sale, picking up a trading profit as the sale lifted share prices.

A stock exchange filing on Monday shows Vevan had a 2.28pc stake in Green, worth close to €29.1m after buying shares on Friday at €1.82 each.

The €1.82 a share Veven paid on Friday means that share to asset price gap is effectively closed. Shares were trading as high as €1.86 each yesterday.

Green Reit’s management put the business up for sale in April, citing the persistent gap between the valuation of its property portfolio and its share price.

At the time shares were trading at around €1.50 each.

Second round bids from four potential buyers are due by July 24, when Green’s financial advisors JP Morgan and Davy are expected to move quickly to select a preferred bidder. Prolific Irish property investors Irish Life and Kennedy Wilson are understood to have progressed to the second round.

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