Financière Apsys, a French developer-investor active in France and Poland, plans to go public through the acquisition and merger of its business with French listed firm Compagnie Foncière Internationale (CFI).
Apsys, a retail specialist fully owned by the Bansay family, has acquired an 89% stake in Euronext-listed CFI at a price of €0.83 a share, representing a cash investment of €630.000.
The shares were sold by Yellow Grafton, a unit of Perella Weinberg Real Estate Fund I.
The company said in a statement that it plans to launch a simplified public tender offer for all the CFI outstanding shares and proceed with the absorption of the company.
Commenting on the deal, Apsys explained that the transaction is being carried out with a view to complete its listing and accelerate its development plans.
CFI previously owned a real estate portfolio but it currently has no asset on its balance sheet other than a cash remainder. The company also has no employee and no debt.
Apsys manages a total of 31 shopping centres and currently has four malls in the pipeline in France, including Bordeaux Saint-Jean.
