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Brexit uncertainties push Telford Homes into arms of US group CBRE

The offer price of 350p per share cash is a premium of 11% to the close yesterday.

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UK is seeing a structural shift in rental market

London property builder Telford Homes plc (LON:TEF) has recommended a £267mln bid from US-listed property giant CBRE.

Bob Sulentic, CBRE’s chief executive, said the deal gets it in at the early stages of a secular shift in the UK toward institutionally owned urban rental housing, a trend that has been seen in the US over the last two decades.

Telford meanwhile, said it has been affected by the uncertainty caused by Brexit on house prices in London, while a switch to a buy-to-rent strategy would affect profits in the short and medium-term.

The offer price of 350p per share cash is a premium of 11% to the close yesterday.

CBRE's Trammell Crow Company (TCC) is one of largest commercial real estate in the US with almost US$10bn worth of projects on the go currently.

Working with TCC  will give Telford Homes "access to greater resources, improved technology and wide-ranging expertise," said Jon Di-Stefano, chief executive. 

 

Quick facts: Telford Homes plc

Price: 349.5 GBX

AIM:TEF
Market: AIM
Market Cap: £267.01 m
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