Officiis Properties : Signature of a provisional sales agreement for the Newtime building
06 Février 2019 - 7:08PM
Press Release
Paris, February 6th, 2019
Signature of a Provisional Sales
Agreement for the Newtime Building
Officiis Properties, a listed
company on Euronext Paris, announces that, following a tender
process, its subsidiary Officiis Properties Ouest 1 has signed on
this day a provisional sales agreement of the Newtime building
(located on the Ile de la Jatte in Neuilly-sur-Seine) for a net
selling price of €156.8 million, accompanied by a rental guarantee
granted by Officiis Properties Ouest 1 of €2.6 million. The
completion of this sale should take place during the second quarter
of 2019.
After taking into account the
deduction of advisory fees and expenses and the freezing of the
rental guarantee on an escrow account, the Company estimates that
it should collect a net amount of approximately €152.3 million at
the time of sale.
It is recalled that during the
4th quarter of
2018, the group:
-
has disposed of the Think and Imagine
buildings1,
-
has reimbursed the mortgage loan associated with
the Magellan building1,
-
has refinanced the Newtime building through a
new mortgage loan1,
-
has completed a partial reimbursement of its
subordinated non-bank loan1.
As a result of these operations,
as of the time of this press release,
-
the group possesses two buildings:
-
the Magellan building, which JLL estimates is
worth €32 million. This building, which was vacated by Faurecia at
the end of November 2018, will be the subject of renovation works
during 2019 (estimated budget of €12 million including
taxes),
-
the Newtime building, whose disposal for an
amount net of fees and expenses of €152.3 million is the object of
this press release
-
the group has a net cash position of €18 million
designated for the financing of the renovation program of the
Magellan building, the covering of operating expenses, and the
expenses associated with the servicing of the mortgage loan;
-
the bank and financial debts of the group are
the following:
-
a convertible bond loan of €28
million2 held by
the company Twenty Two Credit I, s.à r.l,
-
a non-bank subordinated loan of €78
million2 from the
company Twenty Two Credit I, s.à r.l,
-
a mortgage loan of €92 million2 from
the bank Helaba.
1 : See press releases dated
October 29th December,2018 and December 21st, 2018
2: principal and interests
The net sales proceeds of the sale
of the Newtime building (€152.3 million) will be allocated to the
reimbursement of the mortgage loan of Helaba (€92 million) and to
the partial reimbursement of the non-bank subordinated loan (€60
million).
It is recalled that once the
disposal of the Newtime building will be completed, the company
REOF Holding S.à r.l, majority shareholder of Officiis Properties,
will implement, pursuant to Article 236-6 of the Autorité des
Marchés Financiers ("AMF") General Regulations, a public repurchase
offer (OPR) for the entirety of the shares of
Officiis Properties, and, if need be, for all securities granting
access to the shareholders' equity or voting rights of the Company
that it does not hold, under such conditions so as to enable the
above-mentioned offer to be declared compliant by the AMF. REOF
Holding S. à r.l. has not yet decided whether it will
implement a compulsory buy out following the above-mentioned
OPR.
The Company will soon designate an
independent expert called upon to certify the fairness of the
financial conditions of the above-mentioned offer.
Contact
Pierre Essig, Chief Executive Officer, Officiis
Properties
52B, rue de la Bienfaisance, 75008 Paris
Tél. +33 1 83 92 33 86,
For more information, and/or to contact us, visit
the company website: https://officiis-properties.com:
https://officiis-properties.com
About Officiis
Properties (previously Züblin Immobilière France)
Officiis Properties is a listed
property company that has opted for SIIC status and invests in
office properties. Its real estate portfolio consists of two office
buildings in the Paris region.
Officiis Properties' shares are
listed on Euronext Paris' Compartment C, under the ISIN Code
FR0010298901 and under the name of d'Officiis Propertie -
Mnémonique OFP.
Provisional sales agreement Newtime
building
This
announcement is distributed by West Corporation on behalf of West
Corporation clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Officiis Properties via Globenewswire