Alstria Office Shares Jump on News of Brookfield Takeover Offer

   By Sarah Sloat 
 

Shares in Alstria Office REIT-AG jumped Thursday after Canada-based investment company Brookfield Asset Management Inc. agreed to make a takeover offer valuing the company at about 3.5 billion euros ($4.06 billion).

Alstria's management and supervisory boards support the takeover offer and intend to recommend shareholders accept it, subject to a review of the offer document, Alstria said.

At 0839 GMT, shares in the German real-estate investment trust company traded 17% higher at EUR19.50, at the per-share price offered by Brookfield.

In an agreement signed with a company controlled by Brookfield, the members of Alstria's boards committed to tender their shares, subject to share ownership guidelines.

Alstria Chief Executive Olivier Elamine said Brookfield shared the company's views of challenges and opportunities in the market, which is being transformed by evolving occupier demand and decarbonization needs.

"There is substantial value for the company to be anchored with a sophisticated shareholder with a longer-term investment horizon than public equity usually allows for, notably during a phase of substantial investment," Mr. Elamine said.

The transaction is expected to close in the first quarter of 2022.

Write to Sarah Sloat at [e-mail]

(END) Dow Jones Newswires

November 04, 2021 05:09 ET (09:09 GMT)

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