Argan

Sole Bookrunner

Kempen is pleased to announce the successful private placement of €79.7m in Argan shares on behalf of CRFP 8

The successful private placement of shares in French-based warehouses company Argan raised €79.7m in proceeds for the selling shareholder CRFP 8, a company controlled by Carrefour
A wall-crossing exercise focused on real estate specialist investors was held leading to the deal being covered by indications of interest
The transaction was priced at €71.75 per share representing a 3% discount to the previous close, almost 15% of the free float and more than a year of trading volume

Argan SA is a France-based company which conceives, builds and rents out logistical bases and warehouses. The Company’s sites are located in Ile de France, Rhone Alpes Region, Orleans, Wissous and other regions
As of 15 October 2019, Argan’s assets represented 2.83m m², comprising 85 warehouses located exclusively in France, valued at €2.6bn and generating €140m in rental income on an annual basis
Argan is listed on Euronext Paris and is part of the CAC All-Share and IEIF SIIC France indices

Kempen has advised on Real Estate transactions in 13 different countries in Europe since 2017
This transaction underpins our #1 position in European Real Estate ECM since 2011
The deal represents Kempen’s 9th real estate ECM transaction for the year, including deals with Befimmo, WDP, Vonovia, Arima, Tritax Eurobox and Aedifica, totaling over €1.7 billion