The Züblin Immobilien Group is aiming to achieve the status of a tax-efficient real estate investment trust (Société dInvestissements Immobiliers Cotée SIIC) for its French subsidiary Züblin Immobilière France SA. To this end, Züblin Immobilière France SA will be listed on Euronext in Paris and a minority of the shares, namely up to 35%, will be placed for public subscription. The new shares, which will be created as part of a capital increase, will be offered for subscription from 6 March to 21 March 2006.
Listing on Euronext in Paris
The Züblin Immobilien Group is aiming to achieve the status of a tax-efficient REIT (Real Estate Investment Trust), termed a Société d'Investissements Immobiliers Cotée (SIIC) in France, for its French subsidiary Züblin Immobilière France SA. To this end, Züblin Immobilière France SA will be listed on Euronext in Paris and a minority of the shares, namely 32% (35% if the greenshoe is exercised), will be placed for public subscription. Having approved the first part of the prospectus (the document de base) on 17 February 2006, the Autorité des marchés financiers (AMF the French financial markets authority) has now agreed to the second part of the prospectus (the note dopération) and consequently authorised the transaction for the placement.
Transaction structure
The 1,200,000 new shares in Züblin Immobilière France SA, created as part of a capital increase, will correspond to 32% of the capital of 3,795,850 shares with a nominal value of EUR 6 once the transaction is completed. The shares will be offered for public subscription from 6 March to 21 March 2006 in a public placement in France and a private placement in and outside France. The placement price is expected to amount to between EUR 11.76 and 13.66 per share. The lead bank, Natexis Bleichroeder, may place up to a further 180,000 shares because of an over-allotment option (greenshoe).
Following the placement, all shareholders in Züblin Immobilière France SA will be granted for free a warrant on 28 April 2006. This will entitle shareholders to purchase up to 26 January 2007 one new share at a price of 105% of the placement price for every three warrants held.
Source: Züblin
