
Swedish Bankruptcies at Highest Level in a Decade in January
The number of Swedish bankruptcies soared to the highest level in at least a decade in January, as construction companies come under pressure from an ongoing housing-market rout.
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The number of Swedish bankruptcies soared to the highest level in at least a decade in January, as construction companies come under pressure from an ongoing housing-market rout.
Britons are turning to floating rate mortgages that track the Bank of England’s key lending rate in a bet that policy makers will soon begin to slash borrowing costs.
Hong Kong’s economy contracted last year for the third time since 2019 as slowing global demand, rising interest rates and a prolonged exit from isolating Covid curbs weighed heavily on the financial hub.
Virgin Money UK Plc expects lower mortgage volumes in the near-term following a jump in mortgage rates and the tightest cost-of-living crisis in a generation.
A surge in Chinese spending last month has spurred more optimism about the country’s economic rebound, though weakness among manufacturers and sales of cars and homes still suggest the recovery isn’t yet on sure footing.
Feb 20, 2020
BNN Bloomberg
,Northview Apartment Real Estate Investment Trust has agreed to be taken over in a multi-billion dollar deal involving its top shareholder.
Under the terms of the agreement announced Thursday, Starlight Group Property Holdings Inc. and Kingsett Capital Inc. will acquire the Calgary-based REIT for $36.25 per unit. The all-cash transaction, which Northview said was based on an unsolicited approach in early October, has an equity value of $2.5 billion. Including debt, the total deal value reaches $4.8 billion.
"We look forward to building on Northview's tenant focus by maintaining high-quality, well-operated and sustainable buildings,” said Starlight President and CEO Daniel Drimmer, who ranks as Northview’s top shareholder with a 13 per cent stake, in a release.
Northview added that it has been granted a go-shop period of as much as 60 days during which time it can seek and consider alternate offers. According to Northview, National Bank Financial, which is serving as advisor to the REIT’s special committee, pegged the company’s fair market value at $33.25 to $36.75 per unit.
“This transaction is a testament to the business Northview has built, both through its original incarnation as Northern Property REIT,” said Northview CEO Todd Cook in a release. “We have successfully executed on our strategic priorities to build the portfolio in strong and growing markets, and to create value for unitholders through organic growth and Northview’s development platform.”
Northview said it expects the takeover will close by the third quarter of this year. However, if the REIT secures a superior proposal, it will be on the hook for as much as an $88-million break fee owed to Starlight and KingSett.