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    PEUG   FR0000064784

PEUGEOT INVEST

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Peugeot Invest : acquires a 5% stake in SIGNA Development Selection AG

06/01/2021 | 05:48am EDT

Peugeot Invest has acquired a 5% stake in SIGNA Development Selection AG ('SIGNA Development') for €75m. SIGNA Development's strategy is to develop high quality real estate projects in German-speaking European countries (residential, office, and retail), the majority of which are located in top city locations in Germany and in Austria, with the aim of marketing and then selling them to investors (mainly pension funds and insurance companies).
As of December 31, 2020, SIGNA Development had more than €3bn of real estate assets and offers attractive value creation prospects through the development of real estate projects, which aim for environmental certifications. The group has about 50 on-going projects for a total gross development value expected to reach more than €8bn at completion.
Peugeot Invest will be involved in SIGNA Development's governance through representation on the company's Supervisory Board and its Investment Committee.
The acquisition was made from its majority shareholder, SIGNA Holding GmbH, an Austrian group active in real estate and retail, founded by the Austrian entrepreneur René Benko.
Commenting on this investment, Robert Peugeot, Chairman of Peugeot Invest, said: « We have been a shareholder of SIGNA Development's sister company SIGNA Prime for two years, which is dedicated to prime retail and office real estate in the heart of city centers with a portfolio worth over €16bn. The real estate team has demonstrated its agility and ability to find new and attractive development opportunities. By supporting the growth of SIGNA Development, dedicated to property development, we increase our exposure to those markets, with an additional business line offering significant value creation. »

Disclaimer

Peugeot Invest SA published this content on 01 June 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 June 2021 09:47:05 UTC.


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