RDI confirms talks underway with Australian bidder
Australian asset manager Cromwell Property Group has confirmed that it has made an approach to the board of RDI regarding a possible offer for the company.
It said a deal “ would be consistent with Cromwell’s strategy to work with its capital partners to grow funds under management and continue to expand its investment footprint in the UK and Europe.” The firm pointed out that over half of Cromwell’s A$11.5bn of assets under management as at 31 December 2018 is concentrated in Europe.
RDI owns a mixed portfolio across Europe including Grand Arcade in Wigan, Weston Favell in Northampton, Birchwood Shopping in Warrington and the St George’s centre in Harrow.
Under the takeover code Cromwell now has until 5.00pm on 23 April 2019 to either announce a firm intention to make an offer for RDI REIT or to withdraw.