Cofitem-Cofimur has finalised its merger with French office landlord Fonci猫re Paris France (FPF) with an exchange ratio of nine Cofitem-Cofimur shares for seven FPF ones.
Cofitem-Cofimur has finalised its merger with French office landlord Fonci猫re Paris France (FPF) with an exchange ratio of nine Cofitem-Cofimur shares for seven FPF ones.
In a statement to announce its half-year results, Cofitem-Cofimur said that the board of directors has approved the exchange ratio, paving the way for the creation of a Paris-based real estate investment trust with a portfolio of nearly 鈧�2 bn.
The new combine will adopt the name Fonci猫re Paris France. Major shareholders include insurers Allianz, Cov茅a, Generali, Le Conservateur, Zurich.
Cofitem-Cofimur first announced in April that it planned to take over Fonci猫re Paris France with the aim of creating a REIT focused on Paris offices.
FPF is the owner of a 鈧�700 mln portfolio of high-quality assets in the greater Paris area.
The merger follows the launch 18 months ago of a hostile takeover bid for FPF made through Paris H么tels Roissy Vaugirard, a vehicle controlled by insurers Allianz and Cov茅a together with Cofitem-Cofimur.
The 鈧�110 per share offer launched by PHRV in December 2011 was rejected by FPF's management at the time as 'an opportunistic financial transaction initiated in a depressed stock market environment'. The offer price reflected a discount of nearly 20% to FPF's EPRA Net Asset Value per share.
Although the board formally recommended shareholders not to tender their shares, the operation ended successfully in January 2012 with Paris H么tels Roissy Vaugirard gaining control of as much as 68% of FPF which, combined with Cofitem-Cofimur's further 16% interest, brought the total stake held by the consortium to nearly 84%.
