MFS' travel and tourism arm, Stella Group has received 95% of acceptance from S8 Property Trust shareholders, paving the way for the group to acquire the trust.
Earlier this month, Stella made a $64 million off-market takeover bid for the remaining units in S8 Property Trust at $1.04 per unit.
Stella currently owns 35% of units in SPR as a result of a successful $700 million takeover of S8 Limited by MFS in December 2006.
SPR has a portfolio of Australian investment properties and other assets which is currently valued in excess of $114 million and consists of accommodation apartments, property and associated contractual rights, commercial property and land.
The offer remains conditional on, amongst other matters, the financiers of the trust consenting to the transaction and extending existing facilities until at least August 30, 2007.
Australian Property Journal
