Societe de la Tour Eiffel to merge with Affine

Societe de la Tour Eiffel, real estate investment company, to merge with Affine, commercial real estate company. The contemplated merger would take the form of a merger-absorption of Affine by Societe de la Tour Eiffel on the basis of an exchange ratio of one new Societe de la Tour Eiffel share for three Affine shares. This transaction would create a property company listed on Euronext Paris, with French SIIC (REIT) status and assets exceeding €1.7bn. Also, it will strengthen the Societe de la Tour Eiffel's geographic position in the Greater Paris Area and in large regional cities. Market capitalization of a company after the transaction is expected to be €750m. “The merger with Affine should enable STE to strengthen its model of a long-term SIIC property company, owner and developer of tertiary real estate, to support its tenant clients in business parks located in the Greater Paris Area and the most dynamic regions. This transaction would enable STE to take great strides forward in the implementation of its growth strategy and to consolidate its dividend which will be based on an enhanced asset portfolio.” Hubert Rodarie, Chairman of STE