IEF drops VastNed takeover plan

Property firm IEF Capital has dropped its plans to bid for sector peer VastNed Retail, blaming changing conditions in the international property and financial markets.

IEF, which owns both offices and retail premises used by Hema, V&D and De Bijenkorf department stores, had made a preliminary offer of around €70 per share, valuing VastNed at €1.15bn.

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