UPDATE: Capital & Regional gets "expression of interest" from Praxis

(Alliance News) - Capital & Regional PLC confirmed on Friday it had received an "expression of interest" earlier this month from Praxis Group Ltd.

Praxis, a privately owned property company that specialises in shopping centres in the UK, is a third bidder that has shown interest in Capital & Regional in less than two months.

Capital & Regional said Praxis made the move on July 5. Praxis has until August 16 to make a firm offer for the London-based real estate investment trust.

On Friday, Capital & Regional said Praxis has not provided it with any proposal to a possible offer, including as to terms or price.

Earlier, Praxis Group Ltd announced it is in the early stages of considering whether to make an offer for Capital & Regional.

NewRiver REIT PLC, the current declared suitor, has asked for more time to make a formal offer for Capital & Regional.

Late in May, NewRiver said it had made a proposal to Growthpoint Properties Ltd about a potential takeover of Capital & Regional. Growthpoint owns 68% of Capital & Regional.

Vukile Property Fund Ltd late in May withdrew its bid to acquire Capital & Regional, for a moment leaving NewRiver as the only declared suitor.

Shares in Capital & Regional rose 2.4% to 65.65 pence on Friday afternoon in London, while they remained flat at ZAR15.00 in Johannesburg.

By Artwell Dlamini, Alliance News reporter

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