Paris-listed property company Mandarine group said it has agreed to acquire Dutch luxury real estate group La Perla International Living for an undisclosed amount. Mandarine will pay for the transaction through the issue of new shares and will take on the name of the company it is acquiring following the deal.
Paris-listed property company Mandarine group said it has agreed to acquire Dutch luxury real estate group La Perla International Living for an undisclosed amount. Mandarine will pay for the transaction through the issue of new shares and will take on the name of the company it is acquiring following the deal.
La Perla International Living founding chief executive officer Geert Duizendstraal will be the largest shareholder in the combined group. He will own 7,675,000 shares out of a total of 12,136,315 shares that will exist after Mandarine carries through the capital increase for the acquisition. Mandarine's issued capital currently consists of 4,488,315 shares.
'This acquisition is perfectly in line with our growth strategy,' said Omar Essakalli, general manager of Mandarine group, in a statement. 'It responds to our initial ambition to create a major international player, active in both the real estate and high tourism sectors.'
La Perla said it currently has 14 real estate developments in France, Antigua, Spain, Panama and Vietnam and expects the construction of 2400 units, equivalent to 630,000 m2 of floor space, by 2014. In addition, the group is considering approximately 19 new projects in different countries.
To date, La Perla has completed 12 major projects, of which the majority are located in Spain, where the initial concept of the company was developed. These are all located on the Costa del Sol. La Perla has experienced strong development in recent years, with shareholder equity rising from just over EUR 4 mln in 2004 to almost EUR 100 mln in 2006.
Mandarine develops real estate and hotel activities in Morocco and Europe.
