French REIT Gecina said on Tuesday that it will carry out a squeeze out of Eurosic's minority shareholders after reaching a shareholding of 99.75%.
As part of the operation, Eurosic will also be delisted by the end of this month, paving the way for the merger of the two businesses.
The company, which at end August held 85% of Eurosic, was able to further increase its shares by launching a public tender offer on September 19, whereby it tendered a further 14.4% of the capital.
Through the acquisition of peer Eurosic, French REIT Gecina has become the 4th largest publicly quoted European property company, with a portfolio valued at €19.5 bn. The three largest listed property companies in Continental Europe are Unibail-Rodamco (2016: €40 bn); Vonovia (€27.1 bn) and Klépierre (€22.8 bn).
Foncière des Régions, another French REIT group, is just behind the new Gecina group with a portfolio of €19.3 bn at end-2016.
Gecina is also Europe's leading real estate group for offices, with €15.5 bn of assets focused on Paris and the Paris region.
Amicable takeover
The friendly takeover was first announced back in June this year.
Under the takeover agreement Eurosic's board resigned and has been replaced by a new management team headed by Gecina CEO Méka Brunel.
The deal, which received regulatory approval in August, is one of the largest in a series of completed and ongoing merger and acquisitions operations in the European real estate sector over the last two years.
Much of the action has been focused on France. Last year Eurosic beat Gecina in a tussle to take over €2.6 bn French REIT Foncière de Paris. French REIT Icade confirmed in July that it had reached an agreement to take over its smaller peer ANF Immobilier before the end of the year.
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18 October 2017
France Investment Briefing
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TaylorWessing UK, 5 New Street Square, London
08:00 - 10:30
Come to this time-efficient briefing for the opportunity to listen to market experts debate these and other issues, and get to ask your own questions.
Attendance is free but numbers are strictly limited.
Please register soon to book your place
Speakers at this event include: -
Raphaël Tréguier
CEO CeGeREAL, France
Benjamin Cartier-Bresson
Head of Paris Office Berlin Hyp AG, France
Dr. Alfred Fink
Partner TaylorWessing, France
Ludovic Bernard
Partner, IERET Fund Manager and Head of Securities Internos Global Investors,...
Guillaume Turcas
Teacher • Real Estate Professional Dauphine University, France
