LONDON, UK: Gresham House (AIM: GHE) has acquired Burlington RE Property Management Limited (Burlington Real Estate), one of Ireland’s premier independent commercial property asset and development administration companies, for an preliminary consideration of €1.8 million.
Based in Dublin, Republic of Ireland, Burlington Real Estate was established in 2012 by John Bruder and Niall Kavanagh, who collectively have 60 years’ mixed expertise inside the Irish property industry.
Burlington Real Estate has had a profitable strategic partnership with Gresham House Ireland (formerly Appian Asset Management) for over 5 years, as Investment Advisor to the MSCI award-winning Appian Burlington Property Fund which invests in office, retail and industrial properties inside the greater Dublin space and main regional city centres.
Burlington Real Estate manages or advises assets of €340 million as at 31 December 2021, which will bring professional forma assets managed or suggested by Gresham House in Ireland to c.€750 million as at 31 December 2021.
The acquisition forms a half of Gresham House’s ongoing worldwide expansion plans, as set out in its five-year technique GH25 and is the Group’s second acquisition in Ireland, following the completion of the Appian Asset Management transaction final summer.
It consolidates the existing relationship between our two companies to obtain long-term alignment and is anticipated to be earnings enhancing for the Group with potential additional worth creation through synergies and recognized growth initiatives.
The Burlington Real Estate team will become a half of the Gresham House Group going forward, and its 14 employees, collectively with John Bruder and Niall Kavanagh, will join Gresham House’s wider Real Estate actions in Ireland. Burlington Real Estate will stay 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 present operations inside Burlington Real Estate, and we expect a seamless transition for Burlington Real Estate’s clients. Looking forward we anticipate the broader suite of merchandise and alternatives available across the Gresham House platform could also be of curiosity to some clients and thereby an alternative to drive additional growth and enhancement of worth for our enterprise in Ireland.
Patrick Lawless, Managing Director, Gresham House Ireland commented: “Having labored closely with John and the team at Burlington Real Estate for over 5 years of their capability as Advisor to our property fund, we see a strong cultural match with the Gresham House Group and our ambitions in Ireland.”
The preliminary consideration of €1.8 million will be paid by the Group to the sellers of Burlington. In addition, the sellers have agreed to subscribe for 73,177 new ordinary shares of 25p every inside the capital of the company, in aggregate, at a price of £8.42 per subscription share.
The subscription shares will be topic to the phrases of a lock-in deed that will, topic to sure exceptions, restrict dealing inside the subscription shares.
An application will be made to London Stock Exchange plc for the Subscription Shares to be admitted to buying and selling on AIM. The Subscription Shares will be issued credited as fully paid and can rank pari passu with the existing Ordinary Shares, collectively with the proper to obtain all dividends and different distributions (if any) declared, made or paid on or in respect of such shares after the date of their issue.
It is anticipated that admission of the Subscription Shares to buying and selling on AIM will become efficient and that dealings inside the Subscription Shares will commence on AIM at 8.00am on 21 March 2022.
Following Admission, the Company will have a complete of 38,073,996 Ordinary Shares in issue. With impact from Admission, this decide could also be utilized by shareholders because the denominator for the calculations by which they will decide if they’re required to inform their curiosity in, or a change to their curiosity inside the Company, under the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority.
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