French property group Foncière des Régions (FdR) has unveiled plans to take control of its listed logistics real estate unit, Foncière Europe Logistique.
French property group Foncière des Régions (FdR) has unveiled plans to take control of its listed logistics real estate unit, Foncière Europe Logistique.
In a statement, FdR said it is acquiring Sophia GE's 9.7% stake in the logistics business for EUR 3 per share, representing a total investment of EUR 33.5 mln. Subsequently, the Metz-based group will take FEL private after implementing a squeeze-out of the remaining 1.1% it did not already own in the company.
The operation, which is in line with FdR's strategy to streamline its operations and simplify the business structure, is expected to be completed over the summer.
'The filing of the offer is expected in August 2012 and the offer price, which will not be under EUR 3 per share, will be equal to EPRA Triple Net Asset Value per share as of June 30, 2012,' FdR said. Détroyat Associés will deliver independent advice on the offer.
In addition, FEL has signed an agreement with Sophia GE for the disposal of two warehouses for EUR 23 mln, in line with the appraisal value at year-end 2011.