Nieuwe Steen Investments has postponed a vote on its proposed merger with fellow Amsterdam-listed real estate company Vastned Offices/Industrial after failing to get the required quorum for a shareholders meeting this week.
Nieuwe Steen Investments has postponed a vote on its proposed merger with fellow Amsterdam-listed real estate company Vastned Offices/Industrial after failing to get the required quorum for a shareholders meeting this week.
NSI took the decision to move the vote to 7 October when it became clear it would achieve the required quorum of at least two-thirds of the issued share capital for Friday's extraordinary general meeting.
The proposed merger would create a new Dutch mixed real estate investment fund, listed on NYSE Euronext Amsterdam, with about EUR 2.4 bn of office and retail property in the Netherlands, Belgium, France, Germany and Switzerland. The new entity would own more than 300 properties with potential to generate over EUR 200 mln in annual rental income.
The merger is subject to approval by shareholders of both companies.
