Telford agrees to CBRE acquisition

Telford Homes shareholders have voted in favour of CBRE’s offer to acquire the London developer. Some 93.5% of the company’s shares supported the £267.4m acquisition. The shareholder poll saw 77.5% of shareholders vote for, and 22.5% against, the bid. New York-listed CBRE made the all-cash offer in July, as part of a bid to expand its build-to-rent capabilities into the UK. The offer of 350p per share reflected a 11.1% premium to Telford’s share price at 2 July. CBRE’s acquisition of Telford will see the developer brought under its development arm, Trammell Crow Company. TCC is an established build-to-rent developer in the US, and has developed nearly 275,000 BTR homes. Telford has spent the last three years strategically repositioning its London business with a 4,900-home pipeline, of which 70% is expected to be dedicated to BTR. Completion of the acquisition will be subject to EU merger clearance and sanctions expected in the third quarter of 2019. To send feedback, e-mail emma.rosser@egi.co.uk or tweet @EmmaARosser or @estatesgazette