Thalassa Holdings, a British Virgin Islands-based firm, is preparing an offer to acquire the Local Shopping REIT.
The move comes after Thalassa, which owns 25.48% of the business, voted against the proposed wind-up of the REIT in December.
In a statement today, Thalassa said the members’ voluntary liquidation proposal included “a number of uncertainties” for LSR shareholders, including “value erosion during the liquidation process, uncertain transactional costs and an open-ended timetable”.
It added: “By contrast, Thalassa believes that there remains value in maintaining LSR as an investment vehicle with a revitalised investment strategy under new management and a materially reduced cost base.
“The company is mindful that certain LSR shareholders wish to achieve an exit, in whole or in part, from their investment in LSR. Accordingly, Thalassa is preparing an offer for the entire issued and to be issued share capital of LSR not already owned by the company.”
In its annual results for the year ended 30 September, the REIT said that paying back its bank loans in July with sale proceeds was a “major achievement during the year”, and it has whittled its portfolio down to 34 property assets, valued at £9.3m, of which 23 are under offer.
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