Nicosia-based property investment firm Ott Partners has become the largest shareholder in Foncière Paris Nord after swapping bonds into shares.
Ott, which is chaired by former Orco Property CEO Jean-Francois Ott, is the owner of the Centre d’affaires Paris Nord business park in Blanc Mesnil offering 54,000 m2 of space in a logistics hotspot to the north of Paris.
Ott bought a total of 90 million Ora redeemable bonds in early 2020 and last week swapped 33 million of them with shares, gaining a 29.8% stake in the Paris property landlord.
The company does not intend at the present time to take control of Foncière Paris Nord but said that it may remain active on the stock exchange market as well as it may continue buy, sell or convert redeemable bonds.
‘Ott Partners does await (i) the 2019 yearly reporting to confirm the situation of the Company and (ii) the status and strategy as to the debt restructuring in particular tax liabilities and shareholder loans,’ the company said in a statement.
