Victoria Property makes £3.25m offer for Ground Rents Income Fund

Victoria Property said on Wednesday that it has made a £3.25m takeover offer for Ground Rents Income Fund.

Under the terms of the offer, Victoria will pay 34p per share in cash, which is a premium of 48.5% premium to the closing share price on Tuesday.

The company, which is part of the Martin Property Group, said it had already submitted three non-binding indicative offers to the board of Ground Rents in November and December 2024.

All three offers were at premiums to the share price at the time, Victoria said.

"Despite increasing our indicative offers on two occasions, the board has declined to engage with Victoria Property and rejected each of the prior offers," it said.

"The board of Victoria Property firmly believes that GRIO shareholders would want to assess the possible offer terms and the opportunity to realise a cash exit, and we therefore encourage GRIO shareholders to urge the board of GRIO to engage with Victoria Property, to deliver what we consider to be a highly attractive outcome for GRIO shareholders."

At 1105 GMT, GRIO shares were up 34% at 30.60p.