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Société de la Tour Eiffel raises €140M in share issuance

Société de la Tour Eiffel raised €140 million in a capital increase launched Nov. 25, Property Investor Europe reported, citing a French-language news release from the company.

The REIT's shareholders subscribed to 2.64 million shares out of the 2.7 million new shares offered at €53.00 apiece. The proceeds of the capital increase will be utilized to partially finance a 145 million portfolio acquisition in Paris' Nanterre suburb.

Following the capital offering, the Puccini family holds a 11.4% stake in the company, French insurers SMA Group 59.78%, Suravenir 9.46%, La Mutuelle Générale 3.01% and Fédérale Assurance 0.93%, and Belgium-based AG Insurance holds 7.36%, the report noted, also making reference to the company's release.

The new shares will be admitted to trading Dec. 20.

BNP Paribas acted as the global coordinator and book keeper of the share issue.