Foncière des Régions announced on Friday that it has sold 23 million Beni Stabili shares or a stake of 1.2%, bringing its shareholding in its Italian subsidiary to 50.9%. The transaction was carried out by Kempen & Co at EUR 0.6775 per share.
Foncière des Régions announced on Friday that it has sold 23 million Beni Stabili shares or a stake of 1.2%, bringing its shareholding in its Italian subsidiary to 50.9%. The transaction was carried out by Kempen & Co at EUR 0.6775 per share.
Following the disposal, Beni Stabili now meets all criteria to make it eligible to convert to a SIIQ and be exempted from corporate tax for its rental income revenues. Under the SIIQ regime - the Italian equivalent of a Real Estate Investment Trust (REIT) - a single shareholder may own no more than 51% in the company. In addition, the company must have a 35% minimum free float.The Italian company now meets these two requirements.
