Züblin withdraws from France
Züblin Immobilien Holding AG (ZIHAG) has now completed its withdrawal from the French market. REOF Holding Sàrl, a subsidiary of Real Estate Opportunities Fund I, and TwentyTwo Credit 1 Sàrl, a fund of TwentyTwo Real Estate and Massena Partners, have fully subscribed to a reserved capital increase of Züblin Immobilière France (ZIF) of €11.5 million and a reserved convertible bond of €20.8 million. In addition, REOF purchased from Lamesa Holding all bonds convertible into shares of Züblin Immobilière France, having already purchased all shares of Züblin Immobilière France held by Lamesa on July 24, 2015.
Following the completion of these transactions, ZIHAG's stake in ZIF has been reduced to 33.5 percent, while REOF Holding's stake is now 50.1 percent, according to a statement from Züblin Immobilien.
Züblin Immobilien Holding has written down its remaining participation in ZIF due to a call option agreement: TwentyTwo Credit 1 Sàrl purchased from Züblin Immobilien Holding AG the shareholder loan granted to Züblin Immobilière France at a discount and received the right (call option) to purchase ZIHAG's remaining shareholding in ZIF during a period of five years, with the price being determined in relation to the vacancy rate (in monetary terms) of the French portfolio.
At the same time, ZIF and its subsidiary Züblin Immobilière Paris Ouest 1 concluded a mortgage loan agreement with the German Landesbank Helaba in the amount of 132 million euros for a period of five years. This replaces the previous bank loans, which have been repaid in full.
Due to the new ownership structure, the composition of the Board of Directors of Züblin Immobilière France is also changing: Pierre Essig stepped down as Board member, but remains CEO. (ah)
