Press release

 

Paris, 12 May 2011

 

 

Eurosic has been informed that BPCE, Banque Palatine, Nexity, and Nexity Participations have entered into an exclusivity agreement with Batipart and French institutional investors until June 30, 2011 to negotiate the sale of Nexity Participations and Banque Palatine's respective stakes in Eurosic (32.1% for Nexity Participations and 20.1% for Banque Palatine).

This exclusivity agreement is based on Batipart and institutional investors' conditional offers valuing Eurosic at ?34.30 per share, which represents Eurosic's triple net NAV as of December 31, 2010 restated of the 2010 coupon (?1.8) detached on April 19, 2011. 

 

As soon as the conditions are fulfilled, including in particular the ownership clause of Eurosic credit lines, the sales of the stakes will be realized. Batipart, which will then own approximately 19% of the share capital of Eurosic, has informed BPCE, Banque Palatine, Nexity, and Nexity Participations of its intention to launch, shortly after, a voluntary public takeover bid on Eurosic's shares at the same price.

 

 

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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/1514968/451134.pdf


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Source: Eurosic via Thomson Reuters ONE
HUG#1514968