Why the Primewest (ASX:PWG) share price is soaring 6% higher today // Motley Fool Australia

The Primewest Group Ltd (ASX: PWG) share price is up by more than 6% in late afternoon trading.

This follows on the company releasing a takeover announcement for its wholly owned subsidiary, Vitalharvest Freehold Trust (ASX: VTH).

Today’s gains have seen the Primewest share price return to just a 4.2% loss year-to-date. Vitalharvest’s share price is up 28.0% so far in 2020.

By comparison the All Ordinaries Index (ASX: XAO) is down 1.3% since 2 January.

What do Primewest and Vitalharvest do?

Established in 1995, Primewest is an Australian property fund manager. The company has over $4.6 billion of assets under management across Australia and in the United States. Primewest manages retail, industrial, commercial, residential, and…