Preparing to delist Foncière Développement Logements
Foncière des Régions has signed a transfer agreement with Cardif, Crédit
Agricole Assurances and Generali Vie for the contribution of their 38.6% stake
in Foncière Développement Logements. The contributions, to be realized by
end-November, will be remunerated c.30% in cash (at EUR4.65 per FDL share) and
c.70% in exchange of Foncière des Régions shares (1 FdR share for 20 FDL
shares), thereby reflecting an overall valuation of the FDL share at EUR4.21,
representing a 9.5%1 discount on the NAV at end-June 2017.
Following the transfer agreement completion, Foncière des Régions will own
99.8% of the capital in FDL and launch a public repurchase offer in November
2017 followed by a squeeze-out. The price of the public repurchase offer
followed by a squeeze out on the shares not already owned by Foncière des
Régions post agreement offer (c.100 000 shares) will be set at EUR8.06,
representing the last 3 month volume weighted average price. Within this
context, the Board of Directors of FDL has appointed an independent expert to
issue an opinion on the financial terms of the repurchase offer followed by the
Foncière Développement Logements owns 129 assets, almost exclusively
residential units, valued at EUR371 million at end-June 2017, of which 82% are
located in the Paris region (48% Paris and Neuilly-sur-Seine), Lyon and
Marseille. This simplification process will strengthen the equity of Foncière
des Régions (approximately EUR74 million(1)).
With this transaction, and following the announce of the merger of the two
hotels investments structures - Foncière des Murs and FDM Management -
(announced on October 19th), Foncière des Régions reaches a significant step
in the simplification of its organization.
Press Relations Investor Relations
Géraldine Lemoine Paul Arkwright
Tel : + 33 (0)1 58 97 51 00 Tel : + 33 (0)1 58 97 51 85
(1) Valuation based on the Triple Net NAV of Foncière des Régions at
end-June, at EUR80.5 per share
Foncière des Régions, co-author of real estate stories
As a key player in real estate, Foncière des Régions has built its growth and
its portfolio on the key and characteristic value of partnership. With a total
portfolio valued at EUR21Bn (EUR13Bn in group share), located in the
high-growth markets of France, Germany and Italy, Foncière des Régions is now
the recognised partner of companies and territories which it supports with its
two-fold real estate strategy: adding value to existing urban property and
designing buildings for the future.
Foncière des Régions mainly works alongside Key Accounts (Orange, Suez
Environnement, EDF, Dassault Systèmes, Thales, Eiffage, etc) in the Offices
market as well as being a pioneering and astute operator in the two other
profitable sectors of the Residential market in Germany and Hotels in Europe.
Foncière des Régions shares are listed in the Euronext Paris A compartment
(FR0000064578 - FDR), are admitted to trading on the SRD, and are included in
the composition of the MSCI, SBF 120, Euronext IEIF "SIIC France" and CAC
Mid100 indices, in the "EPRA" and "GPR 250" benchmark European real estate
indices, and in the FTSE4 Good, DJSI World, Euronext Vigeo (World 120, Eurozone
120, Europe 120 et France 20), Oekom, Ethibel and Gaïa ethical indices.
Foncière des Régions is rated BBB/Stable by Standard and Poor's.
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