White & Case Advises Bank Syndicate on Carmila IPO
Global law firm White & Case LLP has advised the bank syndicate led by Morgan Stanley and Société Générale on the initial public offering of Carmila on the regulated market of Euronext Paris.
The prospectus received the visa from the French financial markets authority (Autorité des marchés financiers) on June 23, 2017 and the settlement of the offer took place on July 10, 2017.
The offering of approximately €557 million was realized by a capital increase via an issuance and a free allocation of warrants to existing shareholders of Carmila. The offering may be increased up to €632 million after full exercise of the overallotment option. It includes a retail offering in France and an international private placement.
Carmila was founded by Carrefour and large institutional investors in order to develop the value of shopping centers anchored by Carrefour stores in France, Spain and Italy. Its portfolio of 205 shopping centers in those markets was valued €5.4 billion at March 31, 2017.
The White & Case team in Paris which advised on the transaction was led by partners Thomas Le Vert and Philippe Herbelin, with support from associates Tatiana Uskova and Adélaïde de Guitaut. Partner Colin Chang, with support from counsel Max Turner, advised on matters of US law and partner Alexandre Ippolito, with support from associate Charline Schmit, advised on tax aspects.
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