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. Last Updated: 07/27/2016

Soros Firm Will Go Private




LONDON -- Delancey Estates PLC, the British property group backed by financier George Soros, is considering taking itself private because of the poor stock market valuation of the sector, the Observer newspaper reported.


The company is trading at a discount to net asset value of nearly 30 percent, which has prompted chief executive Jamie Ritblat to consider leaving the stock market, the paper said.


Two other British property groups announced last week they would be leaving the stock market because of the sector's lowly ratings. "The market's view on the sector doesn't seem to be willing to change. We're not going to rush into anything - but we are keeping our options open," the paper quoted Ritblat as saying.


Delancey's shares closed at 90-1/2 pence on Friday, giving it a market capitalization of pounds 233 million ($348.9 million).


Property investment firm Prestbury Group PLC on Friday announced its liquidation because of the poor market valuations. Chairman Nick Leslau said disillusionment among institutional investors was behind the decision. MEPC PLC cited similar thinking Thursday after agreeing to be taken over in a pounds 3.5 billion deal that will see it delisted.