Listed on AIM in 2001, Telford Homes is a London-focused residential property developer. Its portfolio includes open market sales (in multi-occupancy, including mixed-use, developments), the build-to-rent subsector (alongside investment partners) and affordable homes delivered to housing associations.
Telford Homes is a pure play on London’s requirement for the delivery of more good-quality, new build homes. Management has oriented development activities towards the more robust build to rent (BTR) subsector – including two strategic partnerships – and on 20 June, Telford confirmed that it had signed a full design and build contract to build 894 BTR homes at Nine Elms, Battersea on behalf of Greystar and Henderson Park. On 3 July, the company announced that it had received a recommended cash offer of 350p per share (+ entitlement to receive the declared 8.5p FY19 final dividend) from CBRE. We are required to withdraw our estimates for the duration of this offer period.
For the purposes of the Takeover Code, Edison Investment Research is deemed to be connected with Telford Homes. Under Rule 20.1 Edison must not include any profit forecast, quantified financial benefits statement, asset valuation or estimate of other figures key to the offer, except to the extent that such forecasts, statements, valuations or estimates have been published prior to the offer period (as defined in the Takeover Code) by an offeror or the offeree company (as appropriate) in accordance with the requirements of the Code. Consequently, we have removed our estimates until the offer period ends.