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By
Reuters
Published
Jul 18, 2011
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Plaza Centers U.S. JV completes $1.4 bln buy

By
Reuters
Published
Jul 18, 2011

July 18 - Shopping centre investor Plaza Centres N.V. said its bid for the $1.4 billion EDT Retail Trust , via a joint venture, had concluded and that it would compulsorily acquire the 3.6 percent of shares it does not already own.


A Plaza Center

Plaza said the off-market takeover bid by its joint U.S. subsidiary, EPN Holdings II, together with EPN GP, closed on July 14. During the offer period EPN had increased its holding in EDT to 96.4 percent, from 47.8 percent.

EPN's unconditional offer was at A$0.078 ($0.083) a share.

"EPN now plans to proceed with the compulsory acquisition of the remaining EDT units, under the terms of the offer," it said in a statement on Monday.

Once the joint venture owned all of EDT's shares Plaza said it expected to delist them from the Australian stock exchange.

The total cost of the 52.2 percent stake was $242 million, of which Plaza's share was about $57 million, Plaza said.

EDT is a listed real estate investment trust that invests mostly in U.S. community shopping centres.

At March 31, EDT's shopping centre portfolio was valued at $1.4 billion and was about 89 percent leased. EDT's total equity at the the same date was $529 million.

Plaza and Elbit Imaging , through a 50:50 jointly controlled entity, control about 45.5 percent of EPN, another 45.5 percent being controlled by Eastgate Property and 9 percent controlled by Menora Mivtachim Insurance.

(Reporting by Andrew Macdonald; Editing by Jon Loades-Carter)

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