Latest news with #Gravis
Daily Mail
5 days ago
- Business
- Daily Mail
Top investors in GP surgery firm Assura oppose £1.7bn bid from US private equity giant KKR
Assura's major shareholders have opposed a tie-up with a US private equity giant. Top ten investors Quilter Cheviot and Schroders, which own around 6 per cent and 5 per cent of shares in the NHS landlord respectively, favour a deal with London-listed rival Primary Health Properties (PHP) over US buyout giant KKR. Allianz, Gravis, Baillie Gifford and Columbia Threadneedle have also leant their support to PHP's bid. Shareholders argued that KKR's proposal undervalues Assura, which owns GP surgeries, hospitals and hospices across the UK. A deal with KKR and its partner Stonepeak would see buildings leased to the NHS fall into the hands of overseas owners. But a takeover by PHP would retain the properties under the ownership of a London-listed business. Assura this week said it would weigh up an improved bid from PHP, despite having backed KKR's £1.7billion offer last week. Marcus Phayre-Mudge, manager of Columbia Threadneedle's TR Property Investment Trust, said: 'The KKR bid simply doesn't offer a premium significant enough to justify walking away from this long-term opportunity. 'That's why we strongly support the PHP-Assura merger and encourage other shareholders to do the same.' A Gravis fund manager said PHP's offer was a 'superior choice for long-term investors'. The KKR bid 'risks crystallising value at what may be a cyclical low', they added. Baillie Gifford investment manager Jon Stewart said the KKR deal was not 'in shareholders' best interests' and 'undervalues Assura's long-term growth potential'. KKR's 'best and final' bid values the company at 52.1p per share, although that includes already declared dividends. Without those, the offer is worth 50.42p, analysts said. Most recently, PHP offered £1.68billion to buy Assura but argued last week that its cash and stock bid is worth more as the value is based on share prices. Assura shares slid 0.1 per cent, or 0.05p, to 50.1p. City exodus goes on Direct Line and Ashtead have moved a step closer to joining the exodus from the London stock market. The £3.7billion takeover of insurer Direct Line by Aviva is set to complete next month after talks with the competition watchdog. Aviva said it is pressing ahead with plans for a court to sanction the deal on July 1. This would see the insurer swallowed up by its larger rival and leave the market. Equipment rental firm Ashtead said it is on course to switch its main stock market listing to New York in early 2026. In the past month, drug maker Indivior and fintech firm Wise said they would switch their main listing to New York.
Daily Mail
26-05-2025
- Business
- Daily Mail
Are you losing dividends on your property investment trust due to a takeover bid?
Matthew Norris is managing director of real estate securities at Gravis. Time is money — and in the world of real estate investment trust (REIT) takeovers, it's increasingly shareholders who are footing the bill. Charging for time is especially visible in real estate, where every day has value — whether it's a hotel room for a night, an apartment for a year, or a logistics warehouse for a decade. REITs are portfolios of income-generating assets — and when a buyer approaches, particularly at a discount to net asset value, shareholders should not be left unpaid while the deal negotiations drag on. UK REITs ended April trading at a wider than average 27 per cent discount to net asset value. It's a discount that has lasted many months now, and has attracted opportunistic attention, with REITs such as NHS landlord Assura and multi-let industrial estate owner Warehouse REIT becoming active targets for private equity buyers. Owning attractive assets in sought-after locations, these REITs offer resilient and growing income streams — exactly the kind of cash-generative assets that private capital seeks. Assura has grown its dividend by an impressive 7 per cent per annum over the past decade. But as the pace of takeovers accelerates, a fundamental misalignment has emerged — one that disadvantages shareholders and blindly transfers value to private equity buyers. The financial deadzone benefiting bidders The problem lies in the financial dead zone that exists between a board disclosing a possible takeover approach and the publication of a binding offer under the Takeover Code. While deadlines are set to mitigate this risk, they are often extended — sometimes multiple times. This can create an income blackout period — at times stretching into months — during which the REIT continues to collect rent, but the benefit disappears into a blind spot where shareholders see no new income, despite still bearing the business risk. Every day that passes during this period is worth something - the so-called 'tick value' – and, in today's REIT takeovers, it is value that private equity buyers have managed to capture before assuming any economic risk, while existing shareholders go without. Take the proposed takeover of Warehouse REIT as an example. It is now in its third month in the public domain, and while rental income hasn't paused, shareholders have received nothing. On a yield north of 6 per cent, even a single quarter of delay equates to a 1.5 per cent return quietly stockpiled for the buyer who's yet to carry the risk. Delays benefit the buyer In the current wave of private equity offers, the price — typically anchored to a historic reference point — has not been adjusted for the rental income earned during the due diligence period. And because REITs benefit from contractual rental flows, that income is not hypothetical — it is real, visible, and largely guaranteed. What's more, these cash flows aren't static. REITs are not fixed-income vehicles - the best are growth-income businesses. That is precisely why private equity and others are interested in acquiring them, particularly given the current valuation gap. Rent reversion, where market rents exceed in-place rents, is especially strong in accommodation, logistics facilities, urban warehouses, and West End offices, enabling some REITs in those areas to post meaningful increases in dividend payouts. Grainger, the UK's largest listed landlord, recently boosted its interim dividend by an impressive 12 per cen t, for example. In effect, REITs subject to takeovers are growing their income base even as shareholders wait for the formal offer to be made. And here lies the conflict. In a sector offering yields above 5 per cent and embedded income growth — with the Bank of England in rate-cutting mode, potentially lowering future financing costs — it can suit highly leveraged private equity buyers to drag out the deal timeline. Delaying completion defers the moment they must fund the transaction and start incurring financing costs. Those who bear the risk should receive the reward This misalignment demands correction. REIT investors should continue to receive dividends — including for part-period income — while their capital remains exposed, especially given that the prospective acquirer can still walk away before making a firm offer. This reflects a basic principle: those who bear the risk should receive the reward. REIT management teams don't suspend their pay during negotiations. Shareholders shouldn't have their income suspended either. It's time for REIT boards to demand more — and negotiate harder for shareholders. If the buyer wants the income, let them take the risk — and make a firm offer quickly. If not, the income should flow where it belongs: to the shareholders whose capital is still on the line. Unlike recent private equity bids, the proposed public-to-public takeover of Assura by Primary Health Properties honours the next dividend payment — and doesn't net it off against the offer price. As it should be. In real estate, time always has a price. The same should apply during the takeover process.
Associated Press
11-04-2025
- Business
- Associated Press
Gravis Robotics Launches ‘Anywhere Autonomy' at Bauma 2025
At Bauma 2025, Gravis Robotics unveils its earthmoving autonomy platform, transforming standard heavy equipment into robotic teammates. 'With global labor shortages in construction and a rising demand for critical infrastructure, the industry needs to focus on productivity as the core driver for automation.' — Ryan Luke Johns, CEO of Gravis Robotics. MUNICH, MUNICH, GERMANY, April 11, 2025 / / -- At Bauma 2025, Gravis Robotics unveils its earthmoving autonomy platform, transforming standard heavy equipment into robotic teammates. Designed to deliver measurable gains in productivity, safety, efficiency, and predictability, Gravis helps contractors dig smarter—not harder. By retrofitting onto existing machines such as excavators and wheel loaders, Gravis empowers project teams to excavate, load, and manage material with unprecedented precision and throughput— enhancing productivity with up to 30% faster performance in high-volume tasks. Gravis uses advanced AI to deliver higher fill rates per bucket and efficient cycle times during autonomous excavation tasks. The system 'feels' and adapts to changing ground conditions, maximizing productivity even in hard and inconsistent soil. Whether loading trucks in a quarry, trenching utilities for new development, or bulk-excavating for road construction, the platform's advanced situational awareness and user-centric design make heavy machinery both highly efficient and remarkably easy to control. At the heart of the system is the Gravis Rack: a rooftop-mounted autonomous control kit that layers real-time 3D surveying, visual situational awareness, geospatial positioning, and performance-focused AI onto the machines you already use. It pairs with the Gravis Slate, a rugged touchscreen interface that makes getting started with autonomy as simple as tapping a finger. 'With global labor shortages in construction and a rising demand for critical infrastructure, the industry needs to focus on productivity as the core driver for automation,' said Ryan Luke Johns, CEO of Gravis Robotics. 'The industry needs better tools to help operators dig faster, safer, and with less rework—and to help attract, upskill, and retain the next generation of operators.' Gravis makes autonomy feel like adaptive cruise control: practical, powerful, and ready today. Anywhere Autonomy Gravis makes it easy for crews to use autonomy—no matter their experience level. Whether you're in the cab, outside, or remote, the system fits right in. Using the Gravis Slate, operators can choose how much control they want: from helpful AR guidance that replaces conventional machine control to setting up an autonomous task with a tap from afar. By sidestepping the usual integration headaches of construction tech, contractors can start simple and scale autonomy at their own pace. The result: less fatigue, better accuracy, and faster digging—especially on tough, repetitive jobs. Pricing and Subscription Model The Gravis system is available as a one-time hardware upgrade (including installation), plus an annual software license for autonomy and analytics. Leasing options are available, and every proposal includes tailored ROI modeling based on your fleet and project needs. Live at Bauma Alongside the product launch at Bauma, Gravis has emerged with a number of significant OEM collaborations—with CASE, Develon, Hitachi, Menzi Muck, Sumitomo, and Yanmar revealing their relationships with Gravis Robotics at the show. Gravis is featured in several live demonstrations, happening several times daily at Develon (autonomous truck loading), Hitachi (autonomous trenching), and Menzi Muck (augmented teleoperation). Visitors can experience remote autonomy in action—controlling machines 200 kilometers away in Zürich—during daily demos at 1:30 PM at the Gravis booth. About Gravis Robotics Gravis Robotics delivers next-generation earthmoving autonomy that boosts jobsite performance. By combining AI, machine vision, and human-first interfaces, Gravis helps contractors increase throughput, reduce waste, and enhance job site safety—whether they're in the cab or coordinating work remotely. Media Contact Name: Sheila Bugal For interviews, images, or more information, please contact Sheila Bugal at [email protected]. Sheila Bugal Gravis Robotics +41 44 442 07 70 Facebook X LinkedIn Instagram YouTube TikTok Legal Disclaimer:
