Pere Viñolas, the current CEO and vice-chairman of Spain's Colonial, has been appointed as president of its French subsidiary, Societè Foncière Lyonnaise (SFL), with immediate effect.
The appointment coincides with the designation of Viñolas as the new president of the European Real Estate Association (EPRA), replacing Méka Brunel, CEO of Gecina.
The board of directors of SFL approved the appointment after Juan José Brugera, current president of SFL, reached the age of 75, which prevents him from continuing as president under French law.
Despite this, Brugera will continue as an advisor to SFL.
Colonial currently has a 98.3% stake in SFL after completing the takeover bid in September last year.
The success of the takeover bid closed an operation that began during the first half of 2021, when Colonial's shareholders approved reinforcing their stake in its French subsidiary, then at 81.7%, through the acquisition of 12.9% of SFL, which at the time belonged to Predica, a personal insurance subsidiary of Crédit Agricole Assurances.
Colonial then launched a mixed voluntary takeover bid for the remaining 5% held by minority shareholders of SFL.
Furthermore, Viñolas has been appointed president of EPRA, as of the end of April. The nomination marks a milestone for the sector in Spain, as it is the first time that the highest representative of a Spanish real estate firm holds this position.
Colonial's CEO was already the first representative of a Spanish real estate company to join the board of directors of EPRA in 2016.
