Quoted tiddler Criterion has agreed to be taken over by Controlco, a Dutch company owned by Criterion’s executive chairman Rolf Nordstrom. The takeover at 125p per share values the company at £9.2m.
Backed by publicity shy US investor Oaktree Capital Management, Criterion has also made its first European acquisition in its bid to assemble a pan-European portfolio.
Criterion paid Dutch investor Fortress Group £7.3m (BEF460m) for a 36,000 sq m warehouse and office complex in Aartselaar, Belgium on an initial yield of 10.4%.
Criterion managing director Aubrey Glaser said the company was looking to make further opportunistic purchases in lot sizes of £6m (¬10m) plus. “We’re looking for offices and industrials yielding between eight and 10%”, he said.
The company announced plans to move into Europe last March. Glaser confirmed the company’s commitment to investing in Benelux countries, France and possibly Germany.
Nordstrom, currently executive chairman of Criterion, said the takeover came about because two shareholders “did not share the same strategic vision for Criterion as the board”.
He also confirmed the company’s listing on the London Stock Exchange will remain in place. Controlco has no plans to take Criterion private at the moment, the company added.
EGi News 26/04/00
