Shares of Great Portland Estates PLC (LON: GPOR) soared over 11% on Monday after it was revealed that KKR & Co, a major hedge fund, acquired a 5.35% stake for 74.3 million pounds ($94.7 million).
Great Portland, which is focused on renting office buildings in central London, has seen its value crash by nearly 50% during the pandemic-related selloff. Shares have struggled to recover in the meantime, hitting fresh 6-month lows last week.
The KKR investment values the company at around 1.5 billion pounds. The US-based hedge fund becomes the sixth-largest shareholder. KKR is estimated to have over $150 billion worth of assets under its management.
Greater Portnald share price is up over 11% in the green today to trade at 615p. The buyers are now likely to target August highs at 623p.
PEOPLE WHO READ THIS ALSO VIEWED: