Eiffel Tower Company: SMABTP Initiates Mandatory Buyout at €8.20 per Share
The SMABTP group has notified the AMF of the implementation of a mandatory buyout for the shares of the Eiffel Tower Company not yet owned, at a price of €8.20 per share, following the completion of the public buyout offer.
Following the public buyout offer (Offer), the SMABTP group (comprising the Mutual Insurance Company for Building and Public Works, the Mutual Life Insurance Company for Building and Public Works, SMA SA, and Imperio Insurance and Capitalization) holds 128,923,602 shares of the Eiffel Tower Company, representing 97.01% of the capital and at least 97.00% of the voting rights. On July 21, 2026, Portzamparc, acting on behalf of the group, informed the AMF of the decision to proceed with a mandatory buyout of the remaining 3,966,910 shares, at a unit price of €8.20 per share, net of all expenses.
Implementation on August 3, 2026, and Compensation for Shareholders
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In accordance with AMF Notice D&I n°226C1101 dated July 21, 2026, the mandatory buyout will be implemented on August 3, 2026. The SMABTP group has committed to depositing the total compensation amount into a blocked account opened with Uptevia, the centralizer for compensation operations. The funds corresponding to the compensation for shares whose beneficiaries remain unknown will be held by Uptevia for ten years from the implementation of the mandatory buyout, after which they will be transferred to the Caisse des Dépôts et Consignations. These funds will remain available to the beneficiaries, subject to a thirty-year statute of limitations in favor of the state.
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.
