Successful completion of Selectirente’s capital increase
Paris, 17 December 2019 – Tikehau Capital, the alternative asset management and investment firm, today announced the successful completion of its listed subsidiary Selectirente’s capital increase,1 for a total of €217 million, also announcing that it now holds a 50.1% stake in the company.2
The success of this transaction confirms Selectirente’s attractive position in the real estate market, and provides the company with additional resources to finance its growth.
Selectirente is a listed real estate investment company specialised in commercial leasehold property in city centres and peripheral areas. Founded in 1997, Selectirente mainly invests in commercial property assets leased to retail tenants operating stores or boutiques, with a long-term target of generating secure rental income while optimising yields for the assets held in its portfolio. Since its inception, Selectirente has relied on the expertise of Sofidy (a subsidiary of Tikehau Capital), to which it has delegated full management of its portfolio.
Selectirente implements an ambitious development strategy with the support of Tikehau Capital, as previously announced during the public tender offer for shares and OCEANE announced by Tikehau Capital at the end of 2018. In a rapidly changing retail market, the proceeds from this capital increase will finance Selectirente’s growth strategy, which is organised along two main lines: continuing its focus on ground-floor retail premises in residential buildings, drawing on its strong track record in this area, while pursuing a second, more opportunistic, approach centred on the process of metropolisation.
Tikehau Capital took part in this capital increase with an investment of €97million, raising its stake in Selectirente to 50.1%2 (and 52.07% in concert3) thereby strengthening its expertise in a buoyant market segment, while maintaining Selectirente SIIC status.
1 Cash capital increase without preferential subscription rights and with a priority period for existing shareholders to apply for new shares, launched on 4 December 2019.
2 Of which, 37.5% held by Tikehau Capital SCA and 12.6% held by Sofidy.
3 See Selectirente’s press release dated December 16, 2019 (https://www.selectirente.com/augmentation-de-capital/)
About Tikehau Capital:
Tikehau Capital is an asset management and investment group with €24.3bn of assets under management (as at 30 September 2019) and shareholders’ equity of €3.1bn (as at 30 June 2019). The Group invests in various asset classes (private debt, real estate, private equity and liquid strategies), including through its asset management subsidiaries, on behalf of institutional and private investors. Controlled by its managers, alongside leading institutional partners, Tikehau Capital employs more than 500 staff (as at 30 September 2019) in its Paris, London, Amsterdam, Brussels, Luxembourg, Madrid, Milan, New York, Seoul, Singapore and Tokyo offices.
Tikehau Capital is listed on the regulated market of Euronext Paris, Compartment A (ISIN code: FR0013230612; Ticker: TKO.FP)
Tikehau Capital: Julien Sanson – +44 20 3821 1001
Finsbury: Arnaud Salla & Charles O’Brien – +44 207 251 3801
Shareholders and Investors Contact:
Louis Igonet – +33 1 40 06 11 11
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