27th Feb 2015 09:30
LONDON (Alliance News) - Property company Urban&Civic PLC on Friday said it has acquired Warwickshire-based property business Catesby Property Group PLC for GBP34 million in cash and shares.
Urban&Civic will cover the consideration with GBP22 million in cash, financed through existing cash resources, and with the issue of 4.2 million shares and 177,697 awards under its share performance plan, all issued at 271.86 pence per share.
It expects the acquisition to be materially earnings accretive this year.
"This is a very happy outcome for both companies. Catesby has achieved consistent, planning led success over almost 20 years and incorporation within Urban&Civic will enable the key Newark project to be developed in accordance with our business model that invests early in community infrastructure and public realm," said Urban&Civic Executive Chairman Nigel Hugill.
Urban&Civic shares were up 0.8% to 265.5 pence on Friday morning.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
UANC.L