CTP completed the takeover and delisting offer today for DIR (Deutsche Industrie REIT-AG). The transaction adds 1.7 million square meters of GLA to CTP’s European portfolio, and nearly 4 million sqm of new development land. In a single stroke, it brings the German portion of the industrial developer’s portfolio to 15% and makes it the third largest market (by gross asset value) after the Czech Republic (42%) and Romania (21%).
The rough value of the the transaction works out to a staggering €600 million. CTP offered DIR shareholders either €17.12 per share or 1.25 . . .
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