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Swiss Prime Site Ups Maag Stake to 66%

OLTEN, SWITZERLAND-Following up a deal earlier this month for 45% of the Zurich-based real estate owner, locally headquartered and publicly traded Swiss Prime Site reaches an agreement to buy another 20.3% of the company.

By Brian K. Miller | Updated on December 20, 2004

OLTEN, SWITZERLAND-Publicly traded Swiss Prime Site of Olten will soon own a 66% stake in Maag Holding AG, a Zurich-based real estate company with a portfolio of 79 properties, mostly office. Following up deals closed earlier this month for 46% of the Zurich-based real estate owner, publicly traded Swiss Prime Site has reached an agreement to buy another 20.3% of the company.Swiss Prime Site officials say a public takeover offer will be submitted to the remaining Maag Holding AG shareholders in the coming days. The combination of Swiss Prime Site and Maag Holding AG will result in a real estate investment company with a real estate portfolio of around $3.2 billion Swiss francs ($2.8 billion).The latest interest is being sold to Swiss Prime Site by Testa Inmuebles en Renta, an investment company of the Madrid-based real estate group Sacyr Vallehermoso. Together with the agreed upon purchase announced earlier this month of 45% of Maag’s share capital from some large shareholders and other small positions, Swiss Prime Site controls about 66% of Maag Holding AG’s share capital.In all cases, Swiss Prime Site is paying each Maag Holding AG shareholder 190.00 Swiss francs ($165) per share. This price corresponds to a 15.1% premium over the average stock closing price during the past 30 trading days before the Dec. 6 announcement of the intended takeover. Listed since April 2000 on the SWXC Swiss Exchange, Swiss Prime Site is Switzerland’s first specialist real estate investment company. Its existing portfolio is valued at around CHF 2.3 billion Swiss francs. About 60% of Maag’s portfolio, in value terms, is in the greater Zurich area, with a further 25% in North-Western Switzerland and Berne.

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