Real estate investment company Swiss Prime Site (SPS) said it has acquired 96.05% of the share capital of peer Jelmoli Holding, creating Switzerland's largest listed property company by market value. Following the operation, Jelmoli's Walter Fust will resign from the board of directors with effect from 31 October 2009.
Real estate investment company Swiss Prime Site (SPS) said it has acquired 96.05% of the share capital of peer Jelmoli Holding, creating Switzerland's largest listed property company by market value. Following the operation, Jelmoli's Walter Fust will resign from the board of directors with effect from 31 October 2009.
Last week, SPS shareholders approved the launch of a capital increase of up to 25 million shares with a value of CHF 18.80 (EUR 12.4 ) each in a bid to finance the company's takeover bid for Jelmoli. The financial operation was 'essential for the settlement of the public exchange offer,' the company said. The new shares were swapped with Jelmoli shares at a ratio of one Swiss Prime Site share for 8.2 Jelmoli shares.
After the takeover, SPS will control property assets of over CHF 8 bn, with a market capitalisation of CHF 2.6 bn.
