Batipart, the holding vehicle of Charles Ruggieri, has entered into 'exclusive discussions' with property company Nexity and BPCE's Banque Palatine to buy their stake in French real estate investment trust Eurosic.
Batipart, the holding vehicle of Charles Ruggieri, has entered into 'exclusive discussions' with property company Nexity and BPCE's Banque Palatine to buy their stake in French real estate investment trust Eurosic.
The talks, which will be on an exclusive basis until the end of June, involves the acquisition by a consortium of institutional investors led by Batipart of Nexity's 32.1% interest and Banque Palatine's 20.1% stake in Eurosic, a Paris-listed investment company focusing on big office properties in Paris and with assets valued at EUR 1.4 bn.
The negotiations follow the launch by the Batipart consortium of a conditional offer valuing Eurosic at EUR 34.30 per share, which is in line with Eurosic's last trading price.
Batipart, which will then own 19% of Eurosic, intends to launch shortly thereafter a volontary tender offer at the same price for the rest of the Eurosic shares.
The move by Batipart follows the sale at the end of last year of a significant part of its interest in French real estate investment trust Foncière des Régions (FdR) as part of an effort to focus on 'new projects more in line with the company's entrepreneurial view'.
The buyers were Delfin - the holding company of Italian billionaire Leonardo Del Vecchio - and insurance groups Predica and Assurances du Crédit Mutuel Vie (ACM Vie). Batipart reduced its stake from 11.5% to roughly 7%, selling nearly 1.4 million FdR shares representing a stake worth EUR 180 mln.
Founded in 1988 by Charles Ruggieri, Batipart is a family holding company operating mainly in the real estate and healthcare sectors. Batipart's objective is to develop companies, find opportunities, form performing teams and accompany them until maturity.
