BWP Trust announces 100% takeover bid for Newmark Property REIT

Real estate investment company, BWP Trust (ASX:BWP) has announced an off-market takeover offer for all of the stapled securities in Newmark Property REIT (ASX:NPR).

Newmark Property REIT is a listed real estate investment trust (REIT) created from the stapling of two established unlisted property trusts managed by the Newmark Group.

The offer entails BWP, already a majority shareholder, acquiring 100% of the shares in Newmark REIT Management under the Sale and Purchase Agreement. BWP anticipates this acquisition to serve as a growth platform, aiming to enhance its earnings in the real estate sector.

BWP’s management team has wasted little time shifting key pieces on the chess boar into place, having already made changes to the directors of NRML which included the removal of Mark Allan, Christopher Langford, Andrew Erikson, and Melinda Snowden and the appointment of Fiona Harris and Mark Scatena to replace them.

Another significant change is BWP, as NRML’s sole shareholder, has changed the name of NRML to ‘NPR Management Limited’.

The name change is currently being processed by ASIC, with an anticipated effective date of 3 April 2024.

As of 26 March 2024, BWP holds a relevant interest in 116,951,934 NPR Securities, representing 65.77% of NPR Securities on issue.

BWP management has encouraged all NPR Security holders to accept the Offer without delay ahead of the Closing Date of 12 April 2024.

BWP last traded at $3.58 at 11:30 am AEDT.

NPR last traded at $1.43, at 11:30 am AEDT.