32.59 F
London
January 9, 2025
PI Global Investments
Property

Custodian ‘disappointed’ as Abrdn Property bid fails to gain 75% support


Custodian Property Income’s (CREI) bid for Abrdn Property Income (API) has failed to gain the 75% support of API shares meaning fund manager Abrdn will retain the £300m portfolio in a managed wind-down likely to last about two years.

David MacLellan, chair of CREI, said he was ‘disappointed’ that votes in favour from 60.8% and 61.4% of API shares at yesterday’s court and general meetings were insufficient for the merger to proceed.

API shares dropped 5.9%, or 3.2p, to 51p in early trading and CREI jumped 10%, or 7.7p, to 83p, close to the level before the proposed transaction was unveiled.



Source link

Related posts

Palladian secures planning permission to remodel Victorian property in Chelsea

D.William

Six out of 10 Property Managers Experienced Fraud in Past Two Years

D.William

Cody Gakpo accused of neglecting landlord duties as mice infest Liverpool star’s properties

D.William

Leave a Comment

* By using this form you agree with the storage and handling of your data by this website.