Cromwell Property Group make approach to acquire London-listed RDI

Brisbane-based fund manager Cromwell Property Group is seeking to acquire London-listed RDI REIT.

Cromwell confirmed this morning to the ASX it has made an approach to the board of RDI regarding a potential transaction.

"Any transaction would be consistent with Cromwell’s strategy to work with our capital partners to grow funds under management and continue to expand its investment footprint in the UK and Europe." the submission said.

Over half of Cromwell’s $11.5 billion of assets under management as at 31 December 2018 is concentrated in Europe.

Discussion are ongoing between the parties.

"There can be no certainty that a formal offer will be made nor as to the terms of any offer," Cromwell Group went on to say.

By law, Cromwell is required to have announced a firm intention to make an offer or announce it does not intend to make an offer by April 23.

The deadline can be extended with the consent of the UK Takeover Panel.

RDI, whose largest investments include Wigan's Grand Arcade, St George's Shopping Centre in Harrow and West Orchards Shopping Centre in Coventry, is independently valued at £1.65 billion.

Their shares last closed at £1.30.