The wealth management division of Swiss bank UBS has launched a takeover offer for the 6% stake in French REIT Les Docks Lyonnais that it does not already own.
The wealth management division of Swiss bank UBS has launched a takeover offer for the 6% stake in French REIT Les Docks Lyonnais that it does not already own.
The bid, which was made by UBS' Luxembourg-based unit Boca, is aimed at taking Docks Lyonnais private.
Boca already owns 94.03% of Docks Lyonnais and has committed to buy the remaining 6%, or 237,846 shares, at a price of EUR 50.53 per share, involving a total investment of over EUR 200 mln. The offer price represents a 64% premium on the EUR 30.8 per share Les Docks Lyonnais was trading the day prior to the launch of the bid.
Boca needs only to breach the 95% voting rights threshold in order to launch its plan to delist Les Docks Lyonnais from the stock market.
Les Docks Lyonnais reported a net loss of EUR 14 mln in the first half of 2011, and made a loss of EUR 18 mln in full-year 2010. The company's portfolio consists of 260,000 m2 of offices in Paris and Ile-de-France, with a minority of high-street assets in Lyon.
Separately, UBS Global Real Estate said it has sold a fully-let office building in Fontenay-sous-Bois, France, to Primonial REIM. The transaction price comes to EUR 21 mln.
