HPI has 62 properties worth $1.29 billion (many with KKR’s AVC as a tenant) but is trading at a $721 million market capitalisation.
So, it’s easy to see why 360 Capital was interested, but that doesn’t make it any easier to guess the suitor’s next step.
In the past, 360 has flirted with Irongate and E&P Financial (nee Evans Dixon) without becoming the eventual owner. Either way, it is exciting to finally see some movement in the much-touted REIT consolidation.
Deloitte is seeking a buyer for building and grounds maintenance contractor UMS, with a pitch targeted towards trade players and private equity groups.