Swiss retail and property company Jelmoli said on Friday that it is proceeding with the acquisition of remaining 55.5% stake in Basel-based real estate firm Tivona for CHF 60 mln (EUR 40 mln) in cash and 80,000 shares.
Swiss retail and property company Jelmoli said on Friday that it is proceeding with the acquisition of remaining 55.5% stake in Basel-based real estate firm Tivona for CHF 60 mln (EUR 40 mln) in cash and 80,000 shares.
Tivona, a listed company focussing on commercial retail properties such as large shopping centers and specialised discount stores, has been the subject of arbitration proceedings between Jelmoli and other Tivona shareholders since 2004. All outstanding claims and counterclaims between the parties are now settled and a definite agreement on the buyout has been signed, Jelmoli said. The transaction is subject to certain closing conditions and is expected to be completed in the first quarter of this year.
Jelmoli said the acquisition will further enhance its position as the second largest public real estate company in Switzerland. The deal is expected to increase the market value of the Jelmoli property portfolio to around CHF 4.1 bn.
'Tivona further emphasises Jelmoli's focus on retail space and provides additional upside from high quality development projects, such as the completion of the shopping center in Stuecki,' Jelmoli said.