(BFM Bourse) – Foncière Inea wants to give itself the means to achieve its (big) ambitions. The office property specialist in major provincial towns hopes to double in size in four years. And to achieve this, the company is asking its shareholders to raise nearly 122.3 million euros.
The capital increase operations feed the Parisian stock market gazette this Friday. After Faurecia, which is asking its shareholders to get their hands on the portfolio in order to speed up the repayment of the debt resulting from the takeover of Hella, it is a player of more modest size and in a sector very different from the automobile which is embarking on the search for fresh money.
This is Foncière Inea, a company specializing in office property in regional cities. Of a more modest size than the large listed real estate companies, Inea intends to raise more than 120 million euros in order to achieve the objective announced at the end of 2021, namely to pass the bar of 2 billion euros of real estate in the portfolio. horizon 2026.
Strong support from existing shareholders
A large part of the capital increase is in fact already covered by subscription commitments from a pool of shareholders already present in the capital (GEST Invest, La Tricogne, Cargo Investment BV, JLB Holding, Sophil Holding, Globalprime Invest SA and WH). On this occasion, Foncière Inea will also welcome five new investors to its shareholding (Suravenir, Allianz Invest Pierre, Hazelview, Lasry Family and La Bruyère Group). It should be noted that GEST Invest has even undertaken, in the event that the other orders do not represent 75% of the amount of the capital increase, to subscribe to the capital increase up to the difference between the commitments of subscription and 75% of the amount raised (within the limit of 2.8% of the capital increase).
The funds raised on this occasion will therefore be allocated to new production, and not to projects in progress, Foncière Inea indicating that it has undrawn lines of financing allowing it to finance its current pipeline of real estate transactions under construction as of December 31 2021. The company aims to maintain its LTV ratio (Loan to Value or ratio between the company’s indebtedness and the market value of its assets) below the 50% threshold.
The fresh money collected will help Foncière Inea “accelerate by strengthening [sa présence] in the top ten regional cities in the new office building niche” and will contribute to the development of its “Flex Park subsidiary dedicated to new generation business parks” (last mile urban logistics).” In particular, the company must anticipate urbanization and the development of large cities in order to build buildings on land which is not yet at the heart of the urban fabric – but which will become so later.
A transaction carried out at a low discount
The operation will be carried out via the allocation of preferential subscription rights (DPS). Each investor will automatically receive one DPS per share held by him at the close of Friday, June 3. Then, it will be necessary to exercise 28 DPS to subscribe 9 new shares at the preferential subscription price of 45 euros, which results in a discount of 2.78% compared to the theoretical value of the share excluding rights and 3.64% compared to the closing price on June 1, i.e. 46.70 euros. The subscription period will run from June 8 to 17.
People who do not wish to participate or only partially will be able to resell their subscription rights between June 6 and June 15 inclusive. This DPS transfer mechanism thus makes it possible to compensate those who do not want to give back to the pot of the dilution they suffer. A DPS not exercised or sold loses all value after June 15th. Conversely, it is also possible to buy additional DPS if you wish to increase your participation or simply if you do not have a number of shares corresponding to a multiple of the number of DPS required.
At the end of 2021, Inea’s reconstitution NAV was 58.50 euros per share, an increase of 8% compared to this indicator in 2020. With a stock market price of 45.70 euros on Friday, the discount of Inea thus reached almost 22%. While Foncière Inea is still a moderate-sized player, the group has the advantage of owning more recent real estate and already 90% compliant with the environmental standards that will become mandatory in 2030 (via what is called the “decree tertiary”). The title reacted moderately to this announcement and yielded only 1.9% to 45.70 euros around 2:00 p.m., the low discount of the operation limiting releases…
Sabrina Sadgui
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