In line with its press releases of July 24 and October 11, 2017, and following the signing by ANF Immobilier and two companies managed by Primonial REIM of bilateral sale agreements with respect to the disposal of a portfolio of residential and retail property assets in Marseille and Lyon for €400m (excluding duties), Icade has completed the acquisition of 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).
With this acquisition, Icade now owns approximately 50.5% of the share capital and 50.2% of the voting rights1 in ANF Immobilier.
The composition of ANF Immobilier’s Supervisory Board has been modified as a result of Icade’s takeover of ANF Immobilier. It is now chaired by Olivier Wigniolle, CEO of Icade, and consists of 10 members, including 5 representatives of Icade and 4 independent members. The Executive Board of ANF Immobilier will be chaired by Emmanuelle Baboulin, the member of Icade’s Executive Committee in charge of the Commercial Property Investment Division.
The filing with the French Financial Market Authority (AMF) of the tender offer project at a price of 22.15 €/share will take place in the coming days. The public tender offer will be launched during November, subject to the Board of the French Financial Market Authority confirming its compliance. The Supervisory Board of ANF Immobilier has issued a positive opinion on the terms of the proposed offer.
The sale of the above-mentioned portfolio by ANF Immobilier to two companies managed by Primonial REIM should take place by the end of December 2017, subject to satisfaction of conditions precedent (inter alia the cancellation of the city pre-emption right).
Olivier Wigniolle, CEO of Icade, declared: “Acquiring a controlling stake in ANF Immobilier will enable Icade to step up the implementation of its strategic plan and grow its development pipeline. This acquisition will create value for Icade and its shareholders”.
