A change of control 30% over the share price - BUY - TP 35,62€ (vs 31,6€)
Minority shareholders of Cégéreal are set to benefit from a public offer to be made for their shares on similar terms to Northwood Investors’ agreed acquisition of the 59.78% stake held by Commerz Real (via the fund Haus Invest) at €35.62/share, or €285m, which is near to NAV and a 30% premium to Friday’s market price. Once the takeover is finalized, Northwood will have to find a solution (through either a placing of existing shares or the creation of new shares) to reduce its capital ownership to below 60 %, thereby maintaining SIIC status. We maintain our BUY opinion and raise our price objective to €35.62, in view of the coming takeover, vs. our previous TP of €31.6, and advise a SALE soon as the price adjusts near to this new objective.CeGeREAL is a real estate investment company. Co.'s business activity is property ownership, which involves acquiring and operating commercial real estate with a view to leasing it primarily to international or national companies. At Dec 31 2009, Co. owned three real estate assets in the inner suburbs of Paris (La Defense, Boulogne-Billancourt, and Charenton-le-Pont). At Dec 31 2009, the total leasable office area of the three assets was approximately 126,145 sq.m. Co.'s portfolio is exclusively comprised of recently-built office complexes.
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