French REIT Icade said its board has approved the merger with its 93%-owned business park unit, Silic, putting an end to a nearly two-year-long takeover process.
French REIT Icade said its board has approved the merger with its 93%-owned business park unit, Silic, putting an end to a nearly two-year-long takeover process.
'This merger is consistent with the group’s strategy of simplifying its structure and holding of its real estate assets and optimising the group’s operating costs, in particular by rationalising the costs linked to Silic’s status as a listed company,' the Paris-listed company said.
The merger, conditional on approval by shareholders at general meetings to be held in December, is the last step in the process of combining Icade and Silic.
Icade, the property arm of Caisse des Depots, launched its tender offer for Silic in December 2011. The move, involving the exchange of five Icade shares for every four Silic shares, will create the largest business park owner in France with a portfolio of over €10 bn.
