Activist investor Laxey Partners increased its stake in Spazio Investments, the Italian industrial property investor from 15.73% to 20.45%.
AIM-listed Spazio announced today Laxey had bought 1.3m shares increasing its total holding to 5.6m.
The sale, which prompted Spazio’s share price to rise by 2.8% to €8.50, comes in the same week the company chaired by ex-Gazeley boss John Duggan said it would return cash to shareholders by selling assets over the next two and a quarter years.
As part of the strategy, the company aims to return €45m (£36m) to shareholders by selling €140m (£112m) of properties this year. It is also planning to negotiate revised financial terms with its external manager Pirelli Real Estate. The measures follows talks with the Laxey managed Terra Catalyst fund aimed at improving Spazio’s share price and net asset value, two weeks ago.