Forbes - September 15, 2006
Belgian real estate group Cofinimmo SA said it has been chosen by the Belgian government as the real estate partner for a new closed-end real estate investment company, called a sicafi (societe d'investissement a capital fixe immobilier).
The company's property portfolio will be worth 1.2 bln eur and the company will be listed next year. After the IPO the company will be owned 57-60 pct by Cofinimmo, 10 pct by the state, and 30-33 pct free float. The IPO should be worth around 200 mln eur, according to Cofinimmo, with the total capital gain going to the state.
The portfolio will consist of 79 office properties and the platform for erection of the World Trade Centre 4 tower in Belgium, which will be let to the Belgian state buildings agency for the use of the Federal Ministries, or to the European Commission. The total office area available will be 600,000 square metres.
Initially, Cofinimmo will create the company by contributing, in kind, 12 of its properties which are worth an estimated total of 525 mln eur. The State will then contribute in cash an amount corresponding to 10 pct of the company's capital. In a third step the company, which is currently known as 'Sicafi 2006', will buy 67 properties from the state for 647 mln eur and take over a 74 mln eur financial lease obligation for one of the properties. These transactions will be completed on 31 December 2006 at the latest.
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