Eiffel Tower Company: SMABTP Initiates a Buyout at €8.20, a 115% Premium
SMABTP Group, holding 95.35% of the capital of Eiffel Tower Company, has submitted a public buyout offer for the shares it does not own, at a price of €8.20 per share.
SMABTP Group proposes to acquire in cash all the remaining shares of Eiffel Tower Company that it does not own at a price of €8.20 per share. This price aligns with the EPRA Net Tangible Assets (NTA) continuation value of €8.16 per share as of December 31, 2025. It represents a premium of 115.2% over the last closing price before the announcement of the offer (March 31, 2026) and 101.8% over the volume-weighted average price of the last 60 trading days. On April 1, 2026, SMABTP concluded share acquisition agreements with AG Real Estate (0.67% of the capital and voting rights) and Suravenir (0.86% of the capital and voting rights).
Board of Directors' Response and Independent Committee Formation
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The Board of Directors, convened on April 2, 2026, acknowledged SMABTP's intention to submit the offer. An ad hoc committee composed of independent directors was formed, chaired by Bibiane de Cazenove and including Christine Sonnier and Marie Wiedmer-Brouder. The firm Sorgem Evaluation has been appointed as the independent expert to assess the fairness of the financial terms. The offer will be followed by a mandatory buyout procedure targeting all shares not held by SMABTP after the offer, with the implementation conditions already met. The filing of the project with the Financial Markets Authority is expected in the coming weeks.
SectorImmobilier / construction · Immobilier commercial / foncières›Fonds Immobiliers de Bureaux
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Context
Period
Period: 1S2026
Key reported figures
Revenue: 38.0M€
Net income: -23,0M€
Free cash flow: 10.1M€
381.9M€
Guidance from the release
Forte d'une structure financière renforcée et du soutien d'un actionnaire majoritaire solide.
La Société a dû faire face à un marché locatif tendu.
Risks mentioned
La baisse du taux d'occupation financier à 71,0 % est un signal préoccupant.
Les cessions se font avec une décote de 43 % par rapport à leur valeur d'expertise.
La Société anticipe que le Ratio ICR puisse s'établir très proche de son covenant de 2x.
Opportunities identified
La livraison du Syrah à Bobigny contribue à la création de valeur.
La commercialisation de son patrimoine est une priorité dans un marché tendu.
La Société mène un cycle renouvelé de développements pour renforcer sa résilience.
The information presented in this article is provided for informational purposes only and does not constitute an investment recommendation, an incentive to buy or sell a financial asset, or investment advice. Readers are invited to conduct their own research before making any decision.
Investments in the stock market involve risks, including the risk of capital loss. Past performance of an asset or market is no guarantee of future results. Any investment decision should be made taking into account your personal financial situation, objectives and risk tolerance.
