FdR reduces Beni Stabili stake to 52%

French property group Fonciere des Regions (FdR) has reduced its holding in its Italian listed unit Beni Stabili to 52% after distributing part of its 2009 dividend in Beni Stabili shares.

Metz-based FdR previously owned a 68% interest in Beni Stabili. FdR said earlier this year that it planned to offer shareholders an alternative payment of EUR 3.30 in cash and six shares in Beni Stabili per FdR share held.

Reducing FdR's stake in Beni Stabili is necessary to enable the Italian firm to qualify for the Italian real estate investment (REIT) status.

In another step towards REIT status, Beni Stabili in April sold 134 million shares, or 7% of its capital, to Italian and international investors in a book building process. It also distributed as much as EUR 225 mln of convertible bonds into stock. Bank of America, Merrill Lynch, BNP Paribas and Mediobanca - Banca di Credito Finanzo were joint book runners for the placement of the equity-linked bonds and the private placement of the company's shares.

Around 85% of the share and bond offerings were subscribed by international investors, CEO Aldo Mazzocco recently told PropertyEU, demonstrating foreign investors' strong interest for Italian listed property investment vehicles.