AXA Belgium's Exchange Deal with Befimmo

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In exchange for an office building located in Antwerp, AXA Belgium would take a 9.6% stake in Befimmo, the property investment firm based out of Belgium.

In a statement issued by Befimmo last Tuesday, the fim would be assuming ownership of the AMCA building located in the northern city of Antwerp. The said building was valued at Eur110 million or US$147.3 million.

For the exchange, Befimmo would be issueing nearly two million new shares for and in behalf of AXA Belgium set at Eur54 per share. This is well above the closing value of the shares in the bourse last Tuesday, with just a share vaue of Eur48,075. The rental revenue for the edifice stands at Eur7.1 million, which has an equivalent gross yield of 6.4%.

Overall, shareholder's equity would increase by Eur110 million through the issuance of new shares at a volume of 2,037,037.

Befimmo had said that the share issue would decrease earnings per share by Eur0.02 in the first three years of the deal.

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