Stockland makes EUR 260 mln offer for Halladale Group

Sydney-based investor Stockland is keen to enter the UK and has launched a £170 mln (EUR 260 mln) takeover bid for AIM-listed property company Halladale. The Australian property group has made an offer of 225p per share, which represents a 33.9% premium to Halladale's closing share price on Tuesday.

Sydney-based investor Stockland is keen to enter the UK and has launched a £170 mln (EUR 260 mln) takeover bid for AIM-listed property company Halladale. The Australian property group has made an offer of 225p per share, which represents a 33.9% premium to Halladale's closing share price on Tuesday.

The offer, recommended by Halladale's board and management team, is expected to be completed by April 2007, Stockland, a major Australian quoted firm, said in a press release issued on Wednesday.

Stockland's managing director Matthew Quinn commented: 'When we announced our UK intentions last year, we advised the market that we would initially look to invest around 5% of our total asset base, and this acquisition fits well with our strategy. There is a gap in the UK market in the development of integrated mixed-use space and the Halladale platform gives us the opportunity to exploit this.'

Halladale Group is a London Stock Exchange listed property development and investment company which has extensive market reach in the UK and an emerging European funds management business. Founded in 1991, Halladale has close to £1 bn of property assets under management and development.

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