Following the agreement given by the board of directors of Beni Stabili, the board of directors of Fonciere des Regions has unanimously approved the proposed merger between the two companies and the exchange ratio of 8.5 Fonciere des Regions shares per 1,000 Beni Stabili shares. The Boards of Directors of the two companies will meet by the end of July to approve the merger plan. The completion of the merger is expected by the end of 2018.
The merger will continue the transformation of Beni Stabili initiated two years ago, and confirms Fonciere des Regions’ investment strategy in Italy, focused on Milan and the development pipeline. A major step in simplifying the group’s organisation, it also reinforces the links between its various divisions. It will allow Fonciere des Regions to consolidate its status as an integrated European real estate operator and leader in its markets, strengthening its three strategic pillars, namely major European cities, property development and customer culture.
Beyond the simplification, the deal marks a new step in Fonciere des Regions’ development in Europe. To fully embody its European dimension and bring its teams together under a single banner, Fonciere des Regions is to change its name on 29 May and will roll out its new brand in the various countries where it operates.