Klépierre in €349 Million Rights Offering

December 2, 2008

Cleary Gottlieb acted as issuer's counsel to Klépierre in its €349 million rights offering of more than 23 million new shares. The offering includes a public offering in France and private placements internationally (including in the United States). The deal launched on November 7 and closed on December 2.

The Klépierre group is a leading real estate specialist focused on commercial property. Its principal business is the ownership, development, and management of shopping centers.

The offering was intended to refinance part of the debt incurred by Klépierre in connection with its October 8, 2008 acquisition of a majority shareholding in Steen & Strøm, Scandinavia’s leading real estate company specialized in shopping centers.