Darrois Villey Maillot Brochier legal advisor to Société Foncière Lyonnaise
Darrois Villey Maillot Brochier advises SFL on the signing of an agreement with EUROSIC for the disposal of its entire 29.63% stake in SIIC de Paris (amounting to 12,769,538 shares) at the price of 24.22 € per share (deduction made for all future distributions). This disposal is subject to the effective completion of EUROSIC’s acquisition of SIIC de Paris’ shares held by REALIA.
The price of 309 M€ is consistent with the liquidation NAV of SIIC de Paris as of 31 December 2013 and with the value of this participation in the SFL consolidated accounts at such date and represents a significant increase as compared to cost of acquisition by SFL at a price of 18.48€ per share.
This operation is the result of a process which commenced in December 2010 with the contribution by SFL to SIIC de Paris of two buildings located at La Defense (the Coface and Miroirs towers – bat C) for a value of 286 M€, remunerated by SIIC de Paris shares, some of which had been immediately transferred to REALIA for 50 M€ (cf. press release dated 27/12/2010).
The proceeds from this disposal will enable SFL to improve its debt ratios and to significantly increase its investment capacity.
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