A recapitalized French office REIT turns into an event-driven tender-offer exit at NAV, with upside capped at €8.20 and execution risk shifted to SMABTP.
Overview
Société de la Tour Eiffel is a long-established French SIIC REIT focused on owning, managing, and transforming commercial real estate, with a €1.6bn portfolio (≈541k sqm, 51 assets) concentrated in Greater Paris (~75% of value) and selected high-growth regional cities. The portfolio remains office-led (≈74.8% of value) with growing emphasis on logistics/business premises and mixed-use. The firm differentiates through an integrated, in-house value chain (asset/property management and development) and a strong ESG posture (85% certified), aligning with tenant “flight to quality” and tightening French energy regulation. The investment case has shifted decisively to an event-driven situation: after a €598.8m capital increase in January 2025 that pushed SMABTP’s stake above 95% and cut LTV to 23.4%, SMABTP has proposed a public tender offer to withdraw the shares at €8.20, aiming for a squeeze-out and delisting. Near-term valuation is therefore anchored to EPRA NTA (€8.20) and tender-offer execution rather than public-market rerating.