Press release

 

Paris, June 15th, 2011

 

CHANGE IN EUROSIC'S CAPITAL:

Sale of 52% of share capital and voluntary public takeover bid to be launched by Batipart

 

Further to the exclusive talks which began on May 12th, Eurosic has been informed that Nexity Participations and Banque Palatine have today sold their stakes in the company's capital, representing 32.1% and 20.1% respectively.

These interests have been acquired by Batipart, Predica, ACM Vie and Covea for 19.4%, 13.1%, 13.1% and 6.6% respectively, at a price of ?34.30 per share, corresponding to the company's triple net NAV at December 31st, 2010, restated for the 2010 coupon (?1.80) distributed on April 19th, 2011.

 

Batipart has confirmed its plans to increase its interest in the company and, within the next few weeks, make a voluntary public takeover bid for Eurosic's capital at the same price of ?34.30 per share.

 

At the same time, Eurosic is announcing the restructuring of the ?580 million syndicated loan, with ?215 million paid back by setting up a five-year mortgage facility for the same amount, backed with the Avant-Seine building (Paris 13th) and granted by Natixis. The balance of ?385 million has been maintained with the same maturity of three years after the pool's banks agreed to amend the change of control clause resulting from the departure of Nexity Participations and Banque Palatine. These operations enable the company to extend the maturity of its overall debt by six months, up from 3.9 years to 4.5 years. The company's average cost of financing stands at 4.80%.

 

"I am delighted that leading investors in real estate investment able to develop the company have joined Eurosic's capital", said Jean-Eric Vimont, Eurosic's Chairman and CEO.

 

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About Eurosic

 

Eurosic is a listed real estate investment trust (SIIC) which owns and manages a portfolio valued at ?1.39 billion at December 31st, 2010, primarily made up of large and recent offices located in Paris and the inner suburbs.
Eurosic trades continuously on Euronext Paris Eurolist, Compartment B, and has been part of the SBF 250 and CAC Mid 100 indexes since December 18th, 2009.

 

Ticker: ERSC - ISIN : FR0000038200

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investor Relations                                                                                        Press relations
Laurent Faure                                                                                                 Fatima El Allaly
Phone : +33.1.45.02.23.29                                                                          Phone : +33.1. 44.43.76.41
l.faure@eurosic.fr:
mailto:l.faure@eurosic.fr                                                                                       fatima.elallaly@dialog.publicis.fr
www.eurosic.fr

 

Press release:
http://hugin.info/143435/R/1523767/459717.pdf


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Source: Eurosic via Thomson Reuters ONE
HUG#1523767