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Eurazeo

Eurazeo announces the completion of the sale of Eurazeo’s majority stake in ANF Immobilier at €22.15 per share, following satisfaction of the conditions precedent set-out in the sales agreement of October 10, 2017 (see Eurazeo press release of October 11, 2017). As a long-term responsible shareholder, Eurazeo is proud to have accompanied ANF Immobilier’s development for 13 years.  With this support, ANF Immobilier successfully restructured its historical assets in Marseille and Lyon. The real estate investment company also implemented an active development policy in its two historic cities, as well as Bordeaux and Toulouse, becoming a pivotal tertiary real estate player in the French regions.

Eurazeo realizes a disposal gain of €213 million, an investment multiple of 2. 3x and an IRR of 13%. Pro forma of this transaction and taking account of recently announced transactions, Eurazeo has net cash of nearly €700 million.

ANF Immobilier also signed today provisional sales agreements with Two companies controlled by Primonial REIM for its historic housing and commercial real estate portfolio mainly located in Marseille, and a building in Lyon. These agreements were entered into for a total consideration of €400 million, excluding transfer taxes payable by the purchaser.

The sale of Eurazeo’s majority stake will be followed by a mandatory public takeover bid(the “Public Takeover Bid”) by Icade for the remaining ANF Immobilier shares at €22.15 per share, representing a 10.2% premium on the average price over the three months preceding the start of exclusive negotiations announced on July 24, 2017.

The Public Takeover Bid is expected to be launched in November 2017, subject to publication by the AMF of a compliance notice.

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About Eurazeo

With a diversified portfolio of approximately €6 billion in assets under management, of which €1 billion is from third parties, Eurazeo is one of the leading listed investment companies in Europe. Its purpose and mission is to identify, accelerate and enhance the transformation potential of the companies in which it invests. The Company covers most private equity segments through its five business divisions – Eurazeo Capital, Eurazeo Croissance, Eurazeo PME, Eurazeo Patrimoine and Eurazeo Brands. Its solid institutional and family shareholder base, robust financial structure free of structural debt, and flexible investment horizon enable Eurazeo to support its companies over the long term. Eurazeo is notably a shareholder in AccorHotels, Asmodee, CIFA, CPK, Desigual, Elis, Europcar, Fintrax, Grape Hospitality,Iberchem,Les Petits Chaperons, Rouges, Moncler, Neovia, Novacap, Sommet Education, Trader Interactive, and also SMEs such as Péters Surgical and Groupe Flash, as well as start-ups such as Farfetch and Vestiaire Collective.

 

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