Cegereal, the French Core Office REIT: Northwood Investors closes the acquisition of a majority stake
(Thomson Reuters ONE) -
Paris, November 5, 2015 - 7:00 p.m.
Northwood Investors closes the acquisition
of a majority stake in CeGeREAL
* Northwood Investors completed the acquisition of the 59.78% stake in
CeGeREAL owned by Commerz Real (acting for the account of the HausInvest
fund).
* The transaction completion is accompanied by the appointment of five new
Board members and the nomination of a new Deputy Chief Executive Officer.
Northwood Investors LLC ("Northwood") today completed the acquisition of the
59.78% stake in CeGeREAL owned by Commerz Real (acting for the account of the
HausInvest fund) at price of ?35.62 per-share. As indicated on September
25, 2015, the offer price will be subject to standard adjustments based on
financial statements as of the date of the acquisition completion.
Concomitantly with the transaction completion, John Kukral (Northwood's
founder), Khaled Kudsi, Jérome Anselme, Sophie Kramer and Erin Cannata have been
appointed as Board directors in replacement of Commerz Real and its
representatives. The executive management team will remain headed by Raphaël
Tréguier, assisted by Jérome Anselme, new Deputy CEO.
The Board of Directors will convene in the following weeks to evaluate
Northwood's proposed features of CeGeREAL growth strategy (including the changes
to be made in the asset management agreement, the adoption of an organizational
structure adapted to CeGeREAL new growth ambitions and the optimization of the
company financial structure).
In accordance with applicable rules and regulations and after final
determination of the acquisition price, Northwood will file a tender offer for
the remaining CeGeREAL shares at a price equal to the final acquisition price of
the 59.78% stake. This submission should occur before the end of the year.
Subject to the approval of the Autorités des Marché Financiers, the offer should
start in the course of January 2016.
* * *
About CeGeREAL
Created in 2006, CeGeREAL is a commercial property company that invests in prime
office properties in Greater Paris. The portfolio's appraisal value is estimated
by the independent valuation firm DTZ Eurexi at ?984 million as of September
30, 2015 (replacement value).
To date, CeGeREAL is the first French property company with a fully certified
portfolio from an environmental point of view (HQE and BREEAM "Very Good",
Management "Excellent") and benefits from the Green Star rating in the
international benchmark GRESB.
CeGeREAL is a REIT listed on Euronext Paris since 2006, in compartment B (ISIN:
FR0010309096). The Company had a market capitalization of ?468 million on
November 5, 2015.
www.cegereal.com
Media relations
Aliénor Miens / +33 (0)1 53 32 84 77
alienor.miens(at)citigate.fr
Investor relations
Raphaël Tréguier / +33 (0)1 42 25 76 36
raphael.treguier(at)cegereal.com
About Northwood
Northwood is a privately-held global real estate investment and management firm
with over 150 employees worldwide and total assets under management of
approximately $8 billion. Northwood employs a fundamental, value-driven
investment strategy with a longer-term outlook and a focus on key global cities,
including New York City, Los Angeles, San Francisco, London and Paris. Northwood
currently owns and manages a diverse portfolio of real estate assets worldwide
including office, retail, residential, industrial and hospitality properties.
For further information on Northwood, visit: www.northwoodinvestors.com
Contact
Michael P. Sullivan / +1 303 293 7147
msullivan(at)northwoodinvestors.com
Disclaimer:
This press release does not constitute an offer by Northwood Investors LLC to
purchase CeGeREAL shares. In accordance with applicable regulations, the
proposed tender offer to be filed by Northwood Investors LLC will be subject to
the AMF's analysis and approval. The terms and conditions of the offer will be
those set out in the prospectus approved by the AMF. The offer may only be
launched after it has been cleared by the AMF and all the relevant documentation
has been published.
This press release may not be published outside France.
PDF Press Release:
http://hugin.info/155833/R/1964794/717202.pdf
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Cegereal SA via GlobeNewswire
[HUG#1964794]
Unternehmensinformation / Kurzprofil:
Datum: 05.11.2015 - 19:54 Uhr
Sprache: Deutsch
News-ID 432485
Anzahl Zeichen: 5581
contact information:
Town:
Paris
Kategorie:
Business News
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