The socimi Colonial has acquired 98.33% of the publicly traded French real estate company (SIIC) SFL, the company confirmed to the CNMV.
The Spanish company launched a takeover bid for SFL after reaching an agreement with the other largest shareholder, Predica. Colonial offered SFL’s minority shareholders €46.66 and 5 newly issued Colonial shares for each SFL share.
The last step to take control of the company was the response from the rest of the shareholders, who accepted Colonial’s offer. It has acquired another 4.2% of its share capital, reaching 98.33%. Following the acceptance of 84% of SFL’s minority shareholders, Colonial will pay a total of €84 million, along with nine million of the Spanish socimi’s newly issued shares.
SFL has a portfolio of prime assets in Paris valued at €1 billion. This acquisition will allow the Spanish company to simplify the shareholding between the two companies and improve its shareholders’ returns.