DIRECTORS of the ANZ Rabinov Property Trust could not help but feel a sense of déjà vu, when interested parties came knocking on the door.
The trust associated with the Rabinov Family has received takeover offers from third parties.
Rabinov’s operations dates back to 1984, when Ezriel Rabinowicz and his then partner Les Korman built up a substantial portfolio of supermarket properties. In 1994, the group sold 19 supermarkets to Macquarie Bank, and the centres formed the basis of the Macquarie Countrywide Trust.
The group then rebuilt another commercial property portfolio of 16 properties which were ultimately sold to GE Capital Real Estate in 2000/2001.
In December last year, ANZ bought a 50% stake in Rabinov Property Management, the manager of Rabinov Diversified Property Trust.
ANZ was successful, the trust was renamed ANZ Rabinov Property Trust.
Currently, the trust has a market capitalisation of $74 million, with 19 properties valued $300 million.
ANZ Rabinov Property Management Limited’s managing director Ronald Serry said the trust will be conducting a strategic review after receiving a number of unsolicited approaches from several parties who have highlighted their interest in acquiring the trust.
“It is likely that, as a result of the above mentioned strategic review, the manager will recommend that it is in the best interests of the unitholders to invite tenders to purchase the trust, with a view to maximising value for unitholders.
“As we have the best interests of our unitholders in mind, we believe that the time has come to formally and thoroughly explore the level of interest in the sale of the trust,” he added.
“Should it so determine, the manager will be conducting a formal process to invite bidders to participate in a tender process with the aim of maximising the value of the units,” Serry continued.
Meanwhile, the trust will continue with its business as usual during the review and any subsequent tender.
Shares in the trust closed at $1.55 last Thursday November 29 2007, there is currently a trading halt.
Australian Property Journal
