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Provider: Reuters Investment Profile
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Societe de la Tour Eiffel SA Enters into Exclusive Negotiations for the Acquisition of Malakoff Office Property with Patron Capital Partners against 8.4% of the Company's Share Capital


Friday, 20 Sep 2013 02:54am EDT 

Societe de la Tour Eiffel SA announced that it has entered into exclusive negotiations for the acquisition of an office complex of 19,752 square meters located in Malakoff from Patron Capital Partners. This transaction should serve as a precursor to an ongoing business partnership. The consideration would be wholly in shares giving Patron Capital Partners 8.4% of the Company's share capital together with Board representation. The Company's Board, at its meeting of September 17, 2013, unanimously approved the continuation of these negotiations. The transaction would be concluded by the contribution of shares in a OPCI owning the asset. Taking into account debt, the net asset contribution amounts to around EUR 28.4 million and would be satisfied through the issuance of approximately 568,000 Societe de la Tour Eiffel SA shares at EUR 50. In accordance with regulatory requirements, the values accorded to the contributed asset and the corresponding remuneration are subject to an independent audit. In early November 2013 once the findings are to hand, approval for the final agreement and the subsequent capital increase will be sought from the Societe de la Tour Eiffel SA Board, acting under delegated authority granted by the Annual General Meeting of May 30, 2013. 

Company Quote

52.59
-0.21 -0.40%
17 Apr 2014