Société de la Tour Eiffel successfully opens its capital and launches its dynamic development strategy
(Thomson Reuters ONE) -
Société de la Tour Eiffel successfully opens its capital and launches its
dynamic development strategy
Eight months after the successful takeover by SMA BTP of Société de la Tour
Eiffel, the various objectives announced by the shareholder and the real estate
company have been achieved.
Strengthening the company's capital base by ? 180 million and maintaining its
tax status as a listed real estate investment company (SIIC)
At month-April 2015 STE issued share warrants. At the same time the SMA Group
which held nearly 90% of the capital after the takeover sold shares or warrants
to several leading European institutional investors: AG Finance (AG Insurance),
Crédit Mutuel Arkea (Suravenir), Humanis, Malakoff-Médéric and Mutuelle
Générale.
Since 28 April 2015, the SMA Group has held less than 60% of the company's
capital.
After the current warrant issue, which should be completed no later than 31 July
2015, the equity capital of STE, which has maintained its tax status as a listed
real estate investment company (SIIC), will be strengthened by just over ? 180
million.
The company will thus have the means to finance its growth and reduce its debt
ratios, with LTV decreasing from 47.7% to 32.8%.
To take into account the new investors, the General Assembly has accepted the
Board's proposal to appoint three new directors: AG Real Estate (AG Insurance),
represented by Ms Brigitte Gouder de Beauregard, MM Puccini (Malakoff Médéric)
represented by Mr. Guy Charlot, and Suravenir (Crédit Mutuel Arkea) represented
by Mr. Thomas Guyot.
Doubling the company's property portfolio from ? 800 million to ? 1.6 billion in
the next 3 to 5 years
The strategic roadmap for the Society of the Eiffel Tower team is to double its
property portfolio in the next 3 to 5 years. The development will target
investments in line with an approach focusing on business parks and service
clusters, and closer management with tenant customers. For this reason, the
company has decided to reorganize, in particular by internalizing all the rental
management of its assets (administration, marketing, technical management) and
by launching an active initiative to achieve ISO 9001 and ISO 14001
certification.
This growth strategy is based on the acquisition of secured assets and the
development of land reserves.
Four acquisitions have already been made since October 2014, representing a
total of 36,300 sq. m for an investment of ? 153 million and ? 10.7 million of
secure annual rental income
Société de la Tour Eiffel confirmed its investment strategy in recent months by
finalizing four property acquisitions in western Paris. The investments meet the
company's criteria in every respect by being based on an approach combining
quality buildings (in terms of operation and energy consumption), an ideal
location both in terms of urban area as well as access to transport and
services, with good yields and leased to quality tenants.
Regarding its land reserves, the company will give priority to the development
of its sites in Massy (70,000 sq. m to be developed) and Orsay (15,000 sq. m
which can be raised to 80,000 sq. m under the new local development plan).
Headed since October 2014 by Philippe Lemoine, Société de la Tour Eiffel has all
the assets needed to implement its development plan and allow it in the longer
term to become a major player in the Greater Paris office property market.
About Societe de la Tour Eiffel
A listed real estate investment company (SIIC) on NYSE Euronext Paris, the
company pursues a strategy focused on the ownership and the development of
quality offices capable of attracting a wide range of quality tenants The
company's portfolio stood at 800 million Euros for 400 000 sq.m of assets mainly
located in the Paris region as at 31 December 2014. Societe de la Tour Eiffel is
listed on NYSE Euronext Paris (compartment B) - ISIN code: 0000036816 - Reuters:
TEIF.PA - Bloomberg EIFF.F. Indexes: IEIF Foncières, IEIF Immobilier France.
Press contact
Jean-Philippe
MOCCI
Capmot www.societetoureiffel.com
Tel : +33 (01) 81 70 96 33/+33 (0)6
71 91 18 83
jpmocci(at)capmot.com
Société de la Tour Eiffel : overview:
http://hugin.info/143560/R/1925387/690804.pdf
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originality of the information contained therein.
Source: Société de la Tour Eiffel via GlobeNewswire
[HUG#1925387]
Unternehmensinformation / Kurzprofil:
Datum: 01.06.2015 - 15:01 Uhr
Sprache: Deutsch
News-ID 397208
Anzahl Zeichen: 5643
contact information:
Town:
Paris
Kategorie:
Business News
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