Colonial to Earn €310 Mn at the SIIC de Paris Sale

30/05/2014 – Expansion

Colonial has made the final decision and will sell the 29.63% stake its branch SFL holds in SIIC de Paris to the Eurosic group for €310 million.

Société Foncière Lyonnaise (SFL), half of which (53.1%) belongs to Colonial, said it is negotiating on an exclusivity arrangement concerning sale of the entire stake of the firm in SIIC de Paris. Eurosic that vies for 58.95% of Realia, now shall also buy the stake of SFL at current market price standing at 24.22 euros a share.

Realia has come to an agreement with Eurosic to sell with an 11.43% discount, a total amount of €559 euros paid to the real estate controlled by FCC and Bankia. Colonial will not have to cut in the shares´value.

Colonial considered execution of its pre-emptive right but finally it decided to sell SFL´s stake.

Siic de Paris´s portfolio includes 31 buildings of total 179.699 square meters, principally offices situated in the La Defense, business area in the French capital. At the end of 2013, their value was estimated at over €1.3 billion.

 

Original article: Expansion (by Marisa Anglés)

Translation: AURA REE

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