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LONDON - Pristine Capital Plc (LSE:PRIS) has signed non-binding heads of terms to acquire a regional property portfolio in the United Kingdom (TADAWUL:4280) for approximately £20 million, the company announced in a press release statement.
The acquisition targets three income-generating office properties located more than 125 miles from London. According to the company, the properties are leased to what it describes as high-quality tenants.
The proposed transaction would be structured through the acquisition of three private companies that own the property assets from a privately held offshore group. Pristine Capital indicated the acquisition would be financed through a combination of equity and secured debt, with a three-year debt facility already approved by a Credit Committee, subject to valuation, legal formalities, and completion.
As part of the transaction, Pristine Capital plans to conduct a fundraise by issuing new ordinary shares to pay for the acquisition, associated fees, and ongoing activities.
Due to the anticipated market capitalization following the acquisition, the company has requested suspension of its shares from trading on the Main Market of the London Stock Exchange (LON:LSEG) effective today. Pristine Capital intends to cancel its Main Market listing and seek admission to trading on AIM.
The company noted that the acquisition is still subject to entering a binding agreement with the vendor, and there is no certainty the transaction will be completed. If the acquisition fails to complete, the company expects its listing suspension would be lifted, subject to FCA approval.
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