Paris-listed real estate investment trust Eurosic plans to raise up to EUR 290 mln by issuing 5.3 million new shares at EUR 53.8 each. The capital increase is being carried out from 11 to 22 June through the free provision of warrants to existing shareholders. The amount raised may increase to EUR 320 mln if the over-allotment option is exercised, Eurosic said in a statement.
Paris-listed real estate investment trust Eurosic plans to raise up to EUR 290 mln by issuing 5.3 million new shares at EUR 53.8 each. The capital increase is being carried out from 11 to 22 June through the free provision of warrants to existing shareholders. The amount raised may increase to EUR 320 mln if the over-allotment option is exercised, Eurosic said in a statement.
French savings bank Caisse d'Epargne holds 7.7 million shares, or about 70% of the total, in Eurosic. A fund operated by Morgan Stanley and Italian insurance giant Generali have committed to taking a 7.5% stake in Eurosic through the acquisition of 1.2 million Eurosic shares from Caisse d'Epargne. Meka Brunel, chairman of Eurosic, said the capital increase marked a decisive step in the company's strategy to become one of the 'major players' in the listed property sector in France. 'After the acquisition of Vectrane and the recent contribution of three buildings belonging to Groupe Caisse d'Epargne and the entry of two high quality investors as shareholders of the company, this transaction will give us the means to pursue the strategy that is being implemented since January.'
At the end of 2006, Eurosic had a portfolio of 24 properties, consisting of offices (64%) and warehouses (19%), with leisure properties, restaurants and commercial sites making up the rest. Vectrane is a developer focused on leisure properties.