French listed property company Icade said that it has agreed to merge with its commercial real estate unit, Compagnie La Lucette. 'The respective boards of directors of Icade and its 99.78% owned subsidiary approved the terms of the merger of Compagnie la Lucette into Icade,' Icade said in a statement.
French listed property company Icade said that it has agreed to merge with its commercial real estate unit, Compagnie La Lucette. 'The respective boards of directors of Icade and its 99.78% owned subsidiary approved the terms of the merger of Compagnie la Lucette into Icade,' Icade said in a statement.
Icade, the real estate subsidiary of Caisse des Depots, is proposing an exchange rate of five Icade shares for 39 la Lucette shares.
The move, which was first announced in July, comes shortly after Icade's acquisition earlier this year of La Lucette from Morgan Stanley. Icade said the merger is consistent with the group's strategy to simplify its structure and the ownership structure of its real estate assets as well as to optimise Icade's operating costs.
This transaction also signals the successful completion of the integration process of Compagnie la Lucette, which was launched in February this year. As part of the process, the company delisted Compagnie la Lucette and sought the streamlining of its liabilities and the pursuit of a dynamic asset management strategy.
The merger is conditional upon approval of the two companies' respective shareholders.
