Banimmo raises its bid for North-Plaza

Belgian real estate company Banimmo has increased its offer for all of North-Plaza's property certificates from EUR 169 per share to EUR 192 per certificate. The offer values North-Plaza at EUR 29.2 mln.

Banimmo is competing with GE Real Estate France for the acquisition of North-Plaza's 152,490 property certificates. At end-December Banimmo decided to extend its offer which now runs until 11 January. The offer is conditional on Banimmo obtaining at least 75% of the total number of property certificates at the end of the acceptance period.

The amount of GE Real Estate's offer has not been made public and was unveiled only to KBC, which administrates the certificates.

Immo-North Plaza was founded in 1997 for the acquisition of an office building of 13,630 m² in Brussels with the aim of issuing real estate certificates. The company, which is owned by KBC Bank (99%) and KBC-Vastgoedinvesteringen (1%), has since then issued 152,490 certificates, which registered a trading price of EUR 144 on 25 October, the day before the announcement of the takeover bid.