French listed property group Icade has announced plans to merge with its 90%-controlled SIICInvest unit. The merger will take place through the integration of SIICInvest in Icade and is designed to simplify the structure of the group and to optimize its operating costs, Icade said.
French listed property group Icade has announced plans to merge with its 90%-controlled SIICInvest unit. The merger will take place through the integration of SIICInvest in Icade and is designed to simplify the structure of the group and to optimize its operating costs, Icade said.
Current shareholders of SIICInvest will be able to become shareholders of Icade by exchanging 31 SIICInvest shares for every Icade share. The boards of directors of the two companies will meet at the end of September to confirm the merger, Icade added.
In a separate statement, Icade announced that it has sold its subsidiary Icade Eurogem to the TFN Group. The move, which comes after five months of negotiations between the two groups, is part of the French company’s strategy to reduce its property services activities. At the end of June Icade also sold its Icade ADB unit to Procivis Immobilier. The financial details of the operation were not disclosed.
