Paris-listed Affine and US banking group Morgan Stanley said they have raised a total of EUR 93 mln from the sale of their interest in French listed property development company Altarea.
Paris-listed Affine and US banking group Morgan Stanley said they have raised a total of EUR 93 mln from the sale of their interest in French listed property development company Altarea.
Affine and Morgan Stanley's MSRESS II Valmur T BV and MSRESS II Valmur TE vehicles said they have sold nearly one million Altarea shares, representing 9.1% of Altareas share capital and voting rights.
The shares were sold at a price of EUR 100 per share through a private placement to institutional investors. The offering was completed by Kempen & Co and Société Générale Corporate & Investment Banking acting as joint bookrunners, with Société Générale Corporate & Investment Banking acting as sole global coordinator. Following the operation, the two investors 'no longer hold any Altarea shares', they said.
Affine and Morgan Stanley announced their intention to sell off their stake in Altarea earlier in November. The companies held respectively 245,127 and 683,352 shares in Altarea.
