Rugby Estates REIT to buy George Philip Properties

  Rugby Estates Investment Trust has made an offer to buy George Philip Properties Group (GPPG) for close to £21.5m in cash, shares and loan notes.   The REIT, which launched on the London Stock Exchange on 15 May, has offered £0.1m in cash, up to £12.9m in loan notes and the issue of up to £8.5m company shares at 100p each.   Rugby will also take on GPPG’s liabilities at completion, amounting to about £3.5m.   George Philip Properties Group is a property investment company which owns a mix of offices, industrial and retail properties in Northern Ireland and London valued at £19m in total.   The London property is a 19,769 sq ft mixed-use block at Stanford House, 27a Floral Street in Covent Garden.   Rugby said: “The transaction offers a welcome opportunity to acquire a significant prime investment in central London in a tax efficient manner, coupled with the expansion of the company’s equity capital base through the issue of new Ordinary Shares at 100p per share.”   Charlie Killen of EA Shaw introduced the opportunity to Rugby Estates Investment Trust.   paul.norman@rbi.co.uk