29May13

Press release

Group

SCOR takes control of the listed real estate company MRM

In accordance with the agreement concluded on 7 March 2013, SCOR today acquired a 59.9% stake in the capital of MRM, a listed real estate company subject to the French REIT regime (“régime des sociétés d’investissements immobiliers cotées” or “SIIC”), as part of a cash capital increase.

In accordance with the agreement concluded on 7 March 2013, SCOR today acquired a 59.9% stake in the capital of MRM, a listed real estate company subject to the French REIT regime (“régime des sociétés d’investissements immobiliers cotées” or “SIIC”), as part of a cash capital increase.
 
The transaction is accompanied by a restructuring of the MRM group’s banking and bond debts, thereby enabling SCOR to invest in a company with a stabilised balance sheet and a restored cash flow situation.
 
Given the 100% conversion rate of the bonds issued by the MRM group into MRM shares, SCOR’s investment stands at EUR 53.3 million.
 
François de Varenne, Chief Executive Officer of SCOR Global Investments, is appointed Chairman of the Board of Directors of MRM. The MRM teams report to Jacques Blanchard, Chief Executive Officer.
 
 
François de Varenne, Chief Executive Officer of SCOR Global Investments, comments: “SCOR is delighted by the success of the recapitalisation conducted by MRM. SCOR’s real estate expertise will help to support and assist the management of MRM with the implementation of a new strategy centred on its retail asset portfolio”.


 
About MRM
MRM is a listed real estate company with a portfolio worth EUR 269 million (excluding transfer taxes) as at 31 December 2012, comprising retail properties (57%) and offices (43%). Since 29 May 2013, SCOR SE has been MRM’s main shareholder, holding a 59.9% stake. On the same day, MRM and its subsidiaries have concluded with CBRE Global Investors a new real estate asset management agreement. MRM is listed in compartment C of NYSE Euronext Paris (ISIN: FR0000060196 - Bloomberg code: MRM:FP – Reuters code:  MRM.PA). It opted for the SIIC status on 1 January 2008.

Contact

Marie-Laurence Bouchon

Group Head of Communications

+33 (0)1 58 44 75 43

mbouchon@scor.com

 

Ian Kelly

Head of Investor Relations

+44 203 207 8561

ikelly@scor.com