Tikehau Capital is to sell its stake in the real-estate promoter Nafilyan & Partners in three stages to the Belgian property developer Immobel.
Tikehau Capital invested a total of approximately EUR8.9 million (including EUR7.7 million in bonds and EUR1.2 million in capital) in Nafilyan & Partners between July 2014 and May 2016 and currently owns a 15 per cent stake in the company before capital increase.
The sale is scheduled to take place in three stages. Following a capital increase by Nafilyan & Partners on 2nd December, Immobel now holds 15 per cent of the company. Immobel will acquire a further 36 per cent of the French group during the 2019 financial year, through the exercise of reciprocal options, and the remaining 49 per cent of the equity and other Nafilyan & Partners SAS capital securities in 2020. The valuation of the securities will be based on EBIDTA multiple methodology, carried out year-end, and will be capped at EUR130 million.
The transaction, if completed, should deliver for Tikehau Capital an estimated multiple of 3 times based on current forecasts.
Nafilyan & Partners is a real-estate promoter founded in 2014 by two sector professionals, Guy Nafilyan, former CEO of Kaufman & Broad, and Bruce Karatz, former Chairman & CEO of the US group KB Home. Both groups are major players in the French residential market. The company, which employees 54 staff, has become a reference in the field of apartment block developments, detached housing estates and managed residences.
Nafilyan & Partners was advised by Banque Degroof Petercam Corporate Finance.
