Villa World’s exposure to greenfield growth corridors on Australia’s east coast has enticed its largest shareholder, and joint venture partner, Ho Bee Land to raise its interest in the company by almost 2 per cent.
Singaporean listed Ho Bee Land acquired an additional 1.15 million shares through its local company Accordion Investments on Monday.
Ho Bee Land develops and invests in real estate properties in Singapore and the United Kingdom. The Company also operates hotels.
The latest move follows property developer Avid’s proposal last week for a $280 million takeover of Gold Coast-based Villa World.
Despite headwinds in the residential sector, ASX-listed Villa World received an unsolicited proposal from Avid to acquire all of its shares.
Avid’s indicative proposal is effectively $2.31 per share, said to be an “indicative, conditional, incomplete and non-binding expression of interest”.
Avid, which has a residential, industrial and commercial portfolio worth $3 billion, said Villa World's exposure to growth corridors on Australia's east coast “fits well” with its goal to expand its existing platform.
Villa World’s board has commenced an assessment and is currently appointing advisors.
In its half-year presentation released last month Villa Wood said it had a pipeline of 6910 lots, representing five-six years of sales, along with a significant Queensland land bank.
Lead Image: An aerial view of Villa World's $300 million Arundel Springs Development on the Gold Coast.