Eurazeo passe la main à Icade et Primonial - NEUTRE vs ACHAT - OC 22,15€ (vs 21,8€)
ANF a annoncé hier être entré en négociations exclusives en vue (i) de la cession par Eurazeo de son bloc majoritaire de 50,5% du capital à Icade à un prix de 22,15€/action, conditionné à (ii) la cession à Primonial du portefeuille « Héritage » composé d’actifs commerciaux et résidentiels à Marseille et Lyon, pour un montant de 400m€ traduisant une importante décote (-17%). Ces opérations vont permettre, d’ici le T4 17, le lancement d’une OPA offrant une porte de sortie aux actionnaires actuels. Objectif de cours porté à 22,15€ vs 21,8€ précédemment et opinion abaissée à Neutre vs Achat, dans l’attente de pouvoir apporter à l’offre.ANF Immobilier owns and manages properties in the Lyon and Marseilles city centres, in France. Co. also holds a portfolio of hotel properties in France. As of Dec 31 2010, Co.'s portfolio includes buildings covering 248,000 sq. m. and 168 hotel properties leased to B&B hotel chain. As of Dec 31 2010, the properties break down as follows: 54 mixed-use Haussmann-style properties in Lyon city centre (retail premises, residential units and office space); 176 mixed-use Haussmann-style properties (retail premises, residential units, office space and other) in Marseilles city centre. Co.'s operations are divided into two segments: Rental of Haussmann-style properties and Hotel rental.
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