New bidder enters race for CapReg

Praxis has become the latest company to join the bidding to take over Capital & Regional. Late on Friday afternoon the group, led by chief executive Mark Harrison, said it was “in the early stages of considering whether or not to make a cash offer” for the entire issued and to be issued share capital of Capital & Regional. Praxis is one of the largest specialist managers of shopping centres in the UK, with 19 centres under management comprising more than 1,000 shops and total AUM of £1.2bn.   The firm has until the end of 16 August to announce a firm intention to make an offer or not. But it could extend the deadline if regulators agree. Capital & Regional confirmed that it had received an expression of interest on 5 July 2024 from Praxis with a request to receive access to diligence information but said that as yet Praxis had not provided it with any proposal relating to a possible offer, including as to terms or price. Capital & Regional has already received potential takeover approaches from NewRiver REIT, which has had its deadline to make an offer extended for the third time to 15 August, and from South Africa’s Vukile Property Fund. Vukile walked away from a takeover in May after failing to reach an agreement. Capital & Regional, which owns shopping centres in Edinburgh, London and Kent, said it has assets valued at more than £370m. It has been in play since April.