Merger between Société Foncière Lyonnaise and Inmobiliaria Colonial

Société Foncière Lyonnaise (SFL) and Inmobiliaria Colonial have officially signed the cross-border merger agreement. This agreement has received the unanimous approval of the boards of directors of both entities. The announced exchange ratio is 13 Colonial shares for each SFL share. This ratio includes a significant premium compared to the NTA parity. A repurchase price of €77.5 for each SFL share is envisaged, adjustable according to a possible dividend before finalization of the merger.

The aim of this merger is to simplify the group's structure while consolidating a leading European real estate platform. SFL shareholders will thus benefit from increased liquidity or will be able to opt for a buyout depending on the determined valuation. The merger auditor's report will be available to shareholders.

The completion of this merger is expected for the second half of 2025, subject to the necessary approvals of shareholders and competent authorities.