The document, filed on May 19, 2026, presents the motivated opinion of the Board of Directors of the Eiffel Tower Company regarding the public withdrawal offer (OPR) initiated by Société Mutuelle d'Assurance du Bâtiment et des Travaux Publics (SMABTP) and Société Mutuelle d'Assurance sur la Vie du Bâtiment et des Travaux Publics (SMAvie BTP), acting in concert with SMA SA and Imperio Assurances et Capitalisation SA.
The offer covers all the shares of the Company not held by the SMABTP group, amounting to 6,170,129 shares representing 4.64% of the capital. As of the date of the response note, the SMABTP group directly held 126,705,457 shares, corresponding to 95.35% of the capital and theoretical voting rights of the Company.
Opinion of the Board of Directors and Conclusions of the Independent Expert
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The Board of Directors of the Company met on May 19, 2026, to deliberate on the offer. This opinion was adopted unanimously by the voting members; several directors abstained due to their affiliations with the initiators and others due to participations in the block sales on April 1, 2026. No divergent opinions were expressed.
The independent expert, SORGEM Evaluation, concluded on May 18, 2026, that the financial terms of the offer were fair. The price of €8.20 per share aligns with that used for the acquisition of blocks on April 1, 2026, is 0.5% higher than the EPRA NTA as of December 31, 2025, and 0.9% higher than the EPRA NDV at the same date. The ad hoc committee of three independent directors unanimously recommended the adoption of this opinion.
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.
