Foncière des Régions has tendered 68% of Beni Stabili's share capital in the public exchange offer which closed on Tuesday, the two companies said in a joint statement on Wednesday. Italy's Beni Stabili said that that percentage would fall to 58.8% on a fully diluted basis, taking into account the remaining outstanding convertible bonds and stock options. The tender amount means Foncière des Régions will not have to launch any residual public offer for the Italian commercial property company, which will remain listed on the Milan Stock Exchange.
Foncière des Régions has tendered 68% of Beni Stabili's share capital in the public exchange offer which closed on Tuesday, the two companies said in a joint statement on Wednesday. Italy's Beni Stabili said that that percentage would fall to 58.8% on a fully diluted basis, taking into account the remaining outstanding convertible bonds and stock options. The tender amount means Foncière des Régions will not have to launch any residual public offer for the Italian commercial property company, which will remain listed on the Milan Stock Exchange.
Foncière des Régions said it intends to convert Beni Stabili to a SIIQ, the Italian equivalent of a real estate investment trust, 'as soon as possible'. With a 32% free float, Beni Stabili is close to the 35% free float required under the new SIIQ legislation coming into force this summer. Foncière des Régions, France´s fourth-biggest real estate investment trust, added that it will reduce its stake in Beni Stabili to the 51% threshold required by law. Foncière des Régions also said it will increase its share capital by issuing 5.5 million new shares. The French group intends to raise up to EUR 600 mln of equity through the move.