18th Dec 2020 11:29
(Alliance News) - Segro PLC on Friday said it has completed the acquisition of the vast majority of French property firm Sofibus Patrimoine SA, and Chief Financial Officer Soumen Das has joined the board of its Paris-listed peer.
In 2018, Segro had acquired a 19% stake in Sofibus Patrimoine for EUR20.5 million.
On Tuesday, the FTSE 100-listed real estate investment trust stated it would acquire a further 75% stake at EUR313.71 per share, taking its stake to 94%. It added it will file a simplified mandatory tender offer for the Sofibus shares not already owned, at the same price, with the intention to implement a squeeze-out procedure in order to delist Sofibus from Euronext Paris.
In 2019, Sofibus - which has a market capitalisation of EUR234 million - reported rent of EUR12.6 million and earnings before interest, tax, depreciation, and amortization of EUR9.7 million.
Shares in Segro were trading 0.5% lower at 939.72 pence each on Friday morning in London, giving it a market capitalisation of GBP11.20 billion.
By Ife Taiwo; [email protected]
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