Property investment group Praxis is considering a takeover of shopping centre owner Capital & Regional.
Praxis, which manages 19 shopping centres in the UK, said it was considering a cash offer for the listed real estate investment trust (REIT). It has not given Capital & Regional any suggestion of what an offer price or terms could be.
Praxis has until the end of August 16 to announce a firm intention to make an offer or not. But it could extend the deadline if regulators agree.
Capital & Regional, which owns shopping centres in Edinburgh, London and Kent, says it has assets worth £373 million.
The news stoked fears that another business could quit the London stock market soon. Capital & Regional shares have been listed since 1993. They rose 1.4 per cent, or 0.9p, to 65p yesterday.
Best foot forward: Praxis, which manages 19 shopping centres in the UK, said it was in considering a cash offer for Capital & Regional
Praxis is the third potential buyer to have expressed an interest in less than two months.
NewRiver made a proposal to Capital & Regional’s largest stakeholder in May when Vukile Property Fund also withdrew a bid.
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