Real estate giant Proprium Capital Partners and its local development arm, which operates the land lease communities brand Vantage, has bought the business founded by Albert Victor Jennings in Melbourne in 1932. 

AVJennings was vulnerable, as it had been underperforming in the sharemarket before Proprium and AVID arrived with a $377 million takeover bid that was pitched at just over double AVJennings’s trading price of 33c. The cash deal was sealed for 65.5 cents a share, which was lower than the bidders’ former offer of 67 cents a share. AVJennings said the offer had been revised lower to 65.5¢ a share after Proprium and AVID completed due diligence.  

This is still a 98.5% premium to AVJennings’ depressed share price before the takeover begun. The company will also pay a fully franked special dividend before the scheme, allowing shareholders to receive an additional value of up to 7.2c per share in franking credits. 

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