The insurer Patronale Life makes offer to buy on Banimmo

Banimmo has just completed a major internal cleaning, eliminating its toxic badets and refocusing on the Belgian market. The moment chosen by the insurer Patronale Life to declare his pbadion. Low cost

The discreet Belgian life insurance company Patronale Life will file with the Financial Services and Markets Authority, the FSMA, a file on a voluntary and unconditional acquisition of cash in the short term. relating to all the shares of Banimmo for a price of 3.30 euros per share. The price offered corresponds to a transaction value of around 37 million euros

The current reference shareholder, French Affine RE, which still holds 49.51% of Banimmo's shares – 5,622,072 shares – is the main interested party in the current transaction. He pledged to sell all of his shares to the OPA provided that the acceptance period of the offer ends no later than November 15 which should be the case once the green light of the FSMA received.

Patronale Life does not wish not to acquire all the shares currently in circulation . Banimmo will remain a well-listed company, with titles that new shareholders hope will be more frisky and traded than in the past five years.

By positioning itself as the new majority shareholder of Banimmo, Patronale Life, which has already in its midst of a real estate development company (50 million euros of badets), strengthens this real estate arm and put on the land reserves of Banimmo cleaned up and centralized on Belgium for two years.

"The objective is clearly to actively and financially support Banimmo in its future developments in the market offices in Belgium, as part of its strategic refocusing initiated since 2016 already " indicate the future married couples.

According to Philippe Opsomer, the CFO of Banimmo, Patronale Life has a triple badet : the company is Belgian, it offers means recurring additional and works on the long term.

" For our part, we have a real estate portfolio of 100,000 m² of developed surfaces and about 310,000 m² to develop. in view of the efforts made over the past two years, our badets are no longer toxic and are refocused on Belgium, and in the near future, we will indeed come to the end of the resale process of our last badet abroad, the Dolce Chantilly ", he says, after meeting regularly in recent weeks with the new majority shareholders.

And for Filip Moeykens, the discreet CEO of Patronale Life, the acquisition of Banimmo, with its expertise and land reserves, represents a real opportunity to strengthen the real estate division insurance company by offering long-term recurring returns. " The new stratum gege worked e and the combined expertise of our teams will make Banimmo a whole again profitable "he says. The specialized insurance company he manages has closed its 2017 financial year with a total balance sheet close to 620 million euros