TIDMGHE
RNS Number : 7534E
Gresham House PLC
15 March 2022
15 March 2022
Gresham House plc
("Gresham House", the "Company" or the "Group")
Acquisition of Burlington Real Estate further enhancing our
presence in Ireland
Gresham House (AIM: GHE), the specialist alternative asset
manager, is pleased to announce the acquisition of Burlington RE
Property Management Limited ("Burlington Real Estate"), one of
Ireland's premier independent commercial property asset and
development management companies, for an initial consideration of
EUR1.8 million (the "Acquisition").
Based in Dublin, Republic of Ireland, Burlington Real Estate was
established in 2012 by John Bruder and Niall Kavanagh, who together
have 60 years' combined experience in the Irish property industry.
Burlington Real Estate has had a successful strategic partnership
with Gresham House Ireland (formerly Appian Asset Management) for
over five years, as Investment Advisor to the MSCI award-winning
Appian Burlington Property Fund which invests in office, retail and
industrial properties in the greater Dublin area and major regional
urban centres. Burlington Real Estate manages or advises assets of
EUR340 million as at 31 December 2021, which will bring pro forma
assets managed or advised by Gresham House in Ireland to c.EUR750
million as at 31 December 2021.
The Acquisition forms part of Gresham House's ongoing
international expansion plans, as set out in its five-year strategy
GH25 and is the Group's second acquisition in Ireland, following
the completion of the Appian Asset Management transaction last
summer. It consolidates the existing relationship between our two
businesses to achieve long-term alignment and is expected to be
earnings enhancing for the Group with potential further value
creation through synergies and identified growth initiatives.
The Burlington Real Estate team will become part of the Gresham
House Group going forward, and its 14 employees, including John
Bruder and Niall Kavanagh, will join Gresham House's wider Real
Estate activities in Ireland. Burlington Real Estate will remain
the advisor to the Appian Burlington Property Fund and the recently
launched Gresham House Credit Union Income Fund which invests in
social housing in Ireland.
There will be no change to current operations within Burlington
Real Estate, and we expect a seamless transition for Burlington
Real Estate's clients. Looking ahead we anticipate the broader
suite of products and opportunities available across the Gresham
House platform may be of interest to some clients and thereby an
opportunity to drive further growth and enhancement of value for
our business in Ireland.
Patrick Lawless, Managing Director, Gresham House Ireland
commented:
"Having worked closely with John and the team at Burlington Real
Estate for over five years in their capacity as Advisor to our
property fund, we see a strong cultural fit with the Gresham House
Group and our ambitions in Ireland."
The initial consideration of EUR1.8 million will be paid by the
Group to the sellers of Burlington (the "Sellers"). In addition,
the Sellers have agreed to subscribe for 73,177 new ordinary shares
of 25p each in the capital of the Company ("Ordinary Shares"), in
aggregate, (the "Subscription Shares") at a price of GBP8.42 per
Subscription Share. The Subscription Shares will be subject to the
terms of a lock-in deed that will, subject to certain exceptions,
restrict dealing in the Subscription Shares.
An application will be made to London Stock Exchange plc for the
Subscription Shares to be admitted to trading on AIM. The
Subscription Shares will be issued credited as fully paid and will
rank pari passu with the existing Ordinary Shares, including the
right to receive all dividends and other distributions (if any)
declared, made or paid on or in respect of such shares after the
date of their issue.
It is expected that admission of the Subscription Shares to
trading on AIM ("Admission") will become effective and that
dealings in the Subscription Shares will commence on AIM at 8.00am
on 21 March 2022.
Following Admission, the Company will have a total of 38,073,996
Ordinary Shares in issue. With effect from Admission, this figure
may be used by shareholders as the denominator for the calculations
by which they will determine if they are required to notify their
interest in, or a change to their interest in the Company, under
the Disclosure Guidance and Transparency Rules of the Financial
Conduct Authority.
-ends-
Gresham House plc
Tony Dalwood, Chief Executive
Kevin Acton, Chief Financial Officer +44 (0)20 3837 6271
Houston gh@houston.co.uk
Alexander Clelland +44 (0)20 4529 0549
Kay Larsen
Gordon MRM ray@gordonmrm.ie
Ray Gordon 00 353 87 2417373
Canaccord Genuity Limited - Nominated Adviser
and Joint Broker
Bobbie Hilliam
Georgina McCooke +44 (0)20 7523 8000
Jefferies International Limited - Financial
Adviser and Joint Broker
Paul Nicholls
Max Jones +44 (0)20 7029 8000
This announcement does not constitute an offer to buy, acquire
or subscribe for (or the solicitation of an offer to buy, acquire
or subscribe for), Ordinary Shares or an offer to buy, acquire or
subscribe for (or the solicitation of an offer to buy, acquire or
subscribe for), the Subscription Shares.
This announcement includes statements that are, or may be deemed
to be, "forward-looking statements". These forward-looking
statements can be identified by the use of forward-looking
terminology, including the terms "believes", "estimates", "plans",
"projects", "anticipates", "expects", "intends", "may", "will", or
"should" or, in each case, their negative or other variations or
comparable terminology. These forward-looking statements include
matters that are not historical facts. They appear in a number of
places throughout this announcement and include statements
regarding the Directors' current intentions, beliefs or
expectations concerning, among other things, the Group's results of
operations, financial condition, liquidity, prospects, growth,
strategies, and the Group's markets.
By their nature, forward-looking statements involve risk and
uncertainty because they relate to future events and circumstances.
Actual results and developments could differ materially from those
expressed or implied by the forward-looking statements.
Forward-looking statements may and often do differ materially
from actual results. Any forward-looking statements in this
announcement are based on certain factors and assumptions,
including the Directors' current view with respect to future events
and are subject to risks relating to future events and other risks,
uncertainties and assumptions relating to the Group's operations,
results of operations, growth strategy and liquidity. Whilst the
Directors consider these assumptions to be reasonable based upon
information currently available, they may prove to be incorrect.
Save as required by law or by the AIM Rules for Companies, the
Company undertakes no obligation to publicly release the results of
any revisions to any forward-looking statements in this
announcement that may occur due to any change in the Directors'
expectations or to reflect events or circumstances after the date
of this announcement.
About Gresham House
Gresham House is a specialist alternative asset management
group, dedicated to sustainable investments across a range of
strategies, with expertise across forestry, housing,
infrastructure, renewable energy and battery storage, public and
private equity.
Our origins stretch back to 1857, while our focus is on the
future and the long term. Quoted on the London Stock Exchange
(GHE:LN) we actively manage c.GBP6.5bn of assets (as at 31 December
2021) on behalf of institutions, family offices, charities and
endowments, private individuals, and their advisers. We act
responsibly within a culture of empowerment that encourages
individual flair and entrepreneurial thinking.
As a signatory to the UN-supported Principles for Responsible
Investment (PRI), our vision is to always make a positive social or
environmental impact, while delivering on our commitments to
shareholders, employees and investors.
About Gresham House Ireland
Gresham House Ireland was originally established in December
2002 as Appian Asset Management and rebranded following its
acquisition by Gresham House plc in June 2021. Gresham House
Ireland is regulated by the Central Bank of Ireland under the
Alternative Investment Fund Management Directive (AIFMD) and has
EUR393mn (GBP330mn) in AUM (as at 31 December 2021). Gresham House
Ireland is the manager of five funds which invest globally across
traditional and alternative asset classes including equities,
property, infrastructure, commodities, and forestry.
www.greshamhouse.com
www.greshamhouse.ie
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END
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