US real estate firm CBRE to buy London-focused housebuilder for €299m
US real estate services firm CBRE has agreed to buy London-focused housebuilder Telford Homes in a deal worth £267.4m (€299m).
The property group - which is listed in New York - said it has offered to pay 350p-a-share for Telford, which represents an 11pc premium to its closing price on Tuesday.
Andrew Wiseman, chairman of Telford Homes, said: "The board believes that the offer from CBRE represents fair value for shareholders in light of Telford Homes' market positioning, the current operating environment and the underlying value of Telford Homes' site portfolio and pipeline.
"The board remains confident in the long-term prospects of the business, however the board also recognises the risks posed by the political and macro-economic environment, as well as the already stated impact on the group's short and medium-term profitability from the implementation of its new build to rent strategy, which is lower margin in nature."