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Commercial Property News
ING Real Estate Trust in talks to buy Rugby REIT
ING Real Estate Trust and Rugby Estates Investement Trust have both confirmed that they are in talks this morning, with a view to ING buying the assets of Rugby.
By coincidence Rugby announced that CB Richard Ellis Limited has completed its external valuation of the Group's property portfolio as at 31 December 2009, valuing the portfolio at £68.3 million on a market value basis. This represents a like-for-like increase of 7.5% compared to the valuation as at 31 October 2009 (£63.5 million).
Clearly any offer that was not at or above the CBRE valuation would be difficult for the Rugby board to accept, though both sides were at pains to point out that no offer has yet been made.
By coincidence Rugby announced that CB Richard Ellis Limited has completed its external valuation of the Group's property portfolio as at 31 December 2009, valuing the portfolio at £68.3 million on a market value basis. This represents a like-for-like increase of 7.5% compared to the valuation as at 31 October 2009 (£63.5 million).
Clearly any offer that was not at or above the CBRE valuation would be difficult for the Rugby board to accept, though both sides were at pains to point out that no offer has yet been made.
Mon, 15th Feb 2010