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    GWO   CA39138C1068

GREAT-WEST LIFECO INC.

(GWO)
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Green REIT narrows buyout field to one

07/31/2019 | 08:52am EDT

DUBLIN (Reuters) - Green REIT, the 1.3 billion euro-valued Irish real estate investment trust that put itself up for sale in April, said on Wednesday it had narrowed the field of possible buyers to one, after an auction process that ended on July 25.

Having assessed the bids received as part of the sales process, with the assistance of its advisers, the company said in a sales process update that it will enter discussions with an affiliate of Henderson Park Capital Partners

The firm, which became Ireland's first REIT when it joined the stock market in 2013, announced the sale in April because shareholders were stuck with a "material and persistent" discount between its share price and the value of its portfolio.

The company did not reveal the identity of the other bidders, but Great-West Lifeco owned Irish Life and Kennedy Wilson were in the running, the Sunday Times reported.

Other parties linked to the bidding include Canadian investment group Brookfield, which has wind farm and telecoms interests in Ireland and German funds, including Union Investment, part of the DZ Bank group, the newspaper added.

Green REIT is looking to either sell the entire company or its 1.5 billion euro portfolio of assets which are focused on commercial property in the Dublin area with tenants including Barclays, Allied Irish Banks, Bank of America and WeWork.

JPMorgan Cazenove is the lead adviser on the deal, Davy is joint adviser.

The company said the completion of any offer would be subject to customary conditions for an offer for an Irish public company and there is no certainty a firm offer will be made.

(Reporting by Graham Fahy; editing by David Evans)


© Reuters 2019
Stocks mentioned in the article
ChangeLast1st jan.
AIB GROUP PLC -6.16% 2.286 Real-time Quote.35.99%
BANK OF AMERICA CORPORATION -2.56% 38.78 Delayed Quote.27.94%
BARCLAYS PLC -3.74% 172.14 Delayed Quote.17.17%
BROOKFIELD ASSET MANAGEMENT INC. -0.61% 60.55 Delayed Quote.15.07%
GREAT-WEST LIFECO INC. -0.46% 36.42 Delayed Quote.20.00%
GREN PROP 0.00%End-of-day quote.41.48%
JPMORGAN CHASE & CO. -2.53% 147.92 Delayed Quote.16.41%
KENNEDY-WILSON HOLDINGS, INC. -0.31% 19.57 Delayed Quote.9.39%
THE LEAD CO., INC. -8.47% 746 End-of-day quote.-11.19%
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Financials
Sales 2021 66 951 M 53 661 M 53 661 M
Net income 2021 2 983 M 2 391 M 2 391 M
Net Debt 2021 - - -
P/E ratio 2021 11,5x
Yield 2021 4,81%
Capitalization 33 824 M 27 113 M 27 110 M
Capi. / Sales 2021 0,51x
Capi. / Sales 2022 0,48x
Nbr of Employees 24 500
Free-Float 26,1%
Chart GREAT-WEST LIFECO INC.
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Technical analysis trends GREAT-WEST LIFECO INC.
Short TermMid-TermLong Term
TrendsBearishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 10
Average target price 37,70 CAD
Last Close Price 36,42 CAD
Spread / Highest target 9,83%
Spread / Average Target 3,51%
Spread / Lowest Target -1,15%
EPS Revisions
Managers and Directors
NameTitle
Paul Anthony Mahon Co-President, Chief Executive Officer & Director
Jeffrey F. Macoun Co-President & Chief Operating Officer
Garry MacNicholas Chief Financial Officer & Executive Vice President
Robert Jeffrey Orr Chairman
Philip Armstrong Global Chief Information Officer & Executive VP
Sector and Competitors
1st jan.Capitalization (M$)
GREAT-WEST LIFECO INC.20.00%27 113
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PRUDENTIAL FINANCIAL, INC.25.04%38 462
MANULIFE FINANCIAL CORPORATION6.31%37 488