Selectirente in Corporate Form Change and Related Public Buy-Out Offer of Shares
February 19, 2021
Cleary Gottlieb is representing Tikehau Capital and Sofidy, the majority shareholders of Selectirente, a listed real estate company specialized in commercial leasehold properties, as part of the change of corporate form of Selectirente and its withdrawal from the status of Alternative Investment Fund (AIF).
In connection with the transformation of Selectirente into a société en commandite par actions (partnership limited by shares), Sofidy launched a mandatory public buy-out offer on Selectirente shares.
The transformation is a major step in Selectirente’s continued international development, allowing it to become a fully fledged commercial company and providing Selectirente with its own management team in order to become a leading European real estate company in the city center retail sector.
The transformation was approved by the shareholders of Selectirente on February 3, 2021.
As part of the transaction and pursuant to applicable regulations, Sofidy launched on December 18, 2020, a mandatory public buy-out offer on the shares of Selectirente. The offer price was €87.30 per share (dividend attached). The buy-out offer ran from February 8, 2021 to February 19, 2021. Following the completion of the buy-out offer, Tikehau Capital and Sofidy own, together with other parties acting in concert, 54.69% of the share capital and voting rights of Selectirente.
Founded in 1987, Sofidy has been a major player in real estate asset management in France.
Tikehau Capital is a global alternative asset management group with €28.5 billion of assets under management (as of December 31, 2020). Tikehau Capital has developed a wide range of expertise across four asset classes (private debt, real assets, private equity, and capital markets strategies) as well as multi-asset and special opportunities strategies. Tikehau Capital is a founder-led team with a differentiated business model, a strong balance sheet, proprietary global deal flow, and a track record of backing high quality companies and executives. Deeply rooted in the real economy, Tikehau Capital provides bespoke and innovative alternative financing solutions to companies it invests in and seeks to create long-term value for its investors, while generating positive impacts on society. Leveraging its strong equity base (€2.8 billion of shareholders’ equity as of June 30, 2020), the firm invests its own capital alongside its investor-clients within each of its strategies. Controlled by its managers alongside leading institutional partners, Tikehau Capital is guided by a strong entrepreneurial spirit and DNA, shared by its 570 employees (as of June 30, 2020) across its 11 offices in Europe, Asia, and North America. Tikehau Capital is listed in compartment A of the regulated Euronext Paris market.