CK Asset to delist London REIT

CK Asset (1113) says it has secured close to 90 percent of Civitas Social Housing's issued shares and will delist the London-listed real estate investment trust.

In May, CK Asset proposed an offer to acquire all of Civitas Social Housing for 485 million (HK$4.8 billion) in cash, or 80 pence per share. As CK Asset has obtained more than 75 percent of the voting rights, it will apply to the regulators in the UK to delist the REIT on the London Stock Exchange, which is expected to take effect on August 4, a filing showed yesterday.

The group will exercise its rights to acquire compulsorily the remaining shares of the REIT if it has acquired 90 percent or more of the voting rights by the close of the offer, it added.

Civitas Social Housing is the owner of supported housing and residential care houses that are used to accommodate vulnerable adults aged 18 to 65 with long-term learning disabilities or mental health issues.