Frasers Centrepoint making one-time offer to buy remaining stake in Geneba for 48.9m euros

FRASERS Centrepoint Limited (FCL) is making a one-time offer to acquire the remaining 13.44 per cent stake in Geneba Properties that it does not already own for 3.74 euros per depository receipt.

The 48.9 million euros (S$78.9 million) offer was made through FCL's indirect wholly owned subsidiary Frasers Property Investments (Holland).

The offer price, the same price at which Frasers Property had earlier acquired the 86.56 per cent stake in Geneba from Catalyst RE Coöperatief, represents about 35 per cent premium to the net asset value of the depository receipts on Dec 31, 2016.

It is also a significant premium to the average trading price of 1.98 euros of the depository receipts on NPEX, a Dutch stock exchange for small and medium-sized companies, between January and April 2017.

Geneba will convene an extraordinary general meeting of shareholders on Aug 29 to give depository receipt holders the opportunity to ask questions related to the one-time offer.

"After careful consideration, the Boards believe the one-time offer to be in the best interest of the depository receipt holders, and have agreed to support and recommend the one-time offer for acceptance to Geneba's depository receipt holders," Geneba said on Friday.

Singapore-listed FCL noted that the one-time offer is backed by "a strong strategic rationale and long-term value creation opportunities".

"The acquisition of Geneba is fully in-line with Frasers' strategy of developing and holding a portfolio of a high-quality logistics and light industrial property with immediate scale in Europe and across multiple geographies to create a 'network effort' enabling it to grow alongside its customers," FCL said.