Following its press release of July 24, 2017, Icade has signed an agreement to acquire Eurazeo’s controlling interest in ANF Immobilier for €22.15 per ANF Immobilier share (i.e. a total price of about €213m for the stake).
The acquisition should be completed by the end of October, subject, among other conditions, to ANF Immobilier and Primonial REIM signing a bilateral sales agreement with respect to the disposal of the portfolio of residential and retail property assets in Marseille and Lyon for €400m (excluding duties), as provided for in the exclusive negotiation agreement announced on July 24.
Once the acquisition has been completed, Icade will own approximately 50.5% of the share capital and 50.2% of the voting rights in ANF Immobilier.
The actual acquisition of the controlling interest will be followed, in November 2017, by Icade’s filing a mandatory public tender offer for €22.15 per share, on the remaining shares making up ANF Immobilier’s capital.
Finexsi, a financial advisory and audit firm represented by Mr Perronet, has been appointed by ANF Immobilier’s Supervisory Board as an independent expert to assess the fairness of the financial terms of the sale of the portfolio to Primonial REIM and Icade’s public tender offer to purchase ANF Immobilier’s remaining share capital.
Icade will fund this deal through debt and cash on hand. The transaction will have a maximum impact of about +3% on Icade’s loan-to-value (LTV) ratio, which stood at 39.4% as of June 30, 2017.
