Davis Polk is advising Affine R.E. in connection with its contemplated combination with Société de la Tour Eiffel (“STE”) to create a large French property company with a portfolio exceeding €1.7 billion and a market capitalization of approximately €750 million.
The combination would be completed by way of a merger of Affine with STE, STE being the surviving entity and Affine’s shareholders receiving one new STE share in exchange for three Affine shares. The transaction is expected to close in December 2018, subject to the completion of customary closing conditions.
Affine and STE are both French property companies specializing in commercial real estate with a portfolio of assets located in France. Their shares are listed on Euronext Paris and they both opted for the French REIT status (SIIC).
The Davis Polk corporate team includes Georges Terrier, partner Christophe Perchet and associates Jean-Christophe Devouge and Abeba Negga. All members of the Davis Polk team are based in the Paris office.