Inmobiliaria Colonial, SOCIMI, S.A. (BME:COL) made an offer to acquire an additional 5.4% minority stake in Société Foncière Lyonnaise SA (ENXTPA:FLY) for approximately €230 million on June 3, 2021. As a consideration, Inmobiliaria Colonial, SOCIMI, S.A. shall pay €46.44 per share along with issuance of one share for every five shares of Société Foncière Lyonnaise SA . In a related transaction, Inmobiliaria Colonial, SOCIMI, S.A. will acquire 12.9% stake in Société Foncière Lyonnaise SA from Predica Prevoyance Dialogue du Credit Agricole S.A. for €592 million on June 3, 2021. The transaction will be funded by €87 million that will be raised by two capital increases of Inmobiliaria. Post completion of both transactions, Inmobiliaria Colonial, SOCIMI, S.A. will hold 100% stake of Société Foncière Lyonnaise SA. Inmobiliaria Colonial, SOCIMI, S.A. has no intention to carry out squeeze out and Société Foncière Lyonnaise SA will remain listed on stock exchange. All these transactions remain subject to customary conditions (including municipality pre-emption right waiver and AMF clearance decision with respect to the tender offer) to be satisfied on December 31, 2021 at the latest. The transaction has been approved by the Board of Directors of Société Foncière Lyonnaise SA. Colonial shareholders have given their approval to two capital increases of €87 million to purchase from Crédit Agricole its 13% stake in Société Foncière Lyonnaise. As of July 20, 2021, French Financial Markets Authority (AMF) authorized the transaction. Colonial specified that the acceptance period for the takeover bid runs from July 22, 2021 to August 25, 2021, inclusive. As of July 29, 2021, The Socimi Colonial plans to complete the takeover bid between the end of August and the beginning of September 2021.

The closing of the transaction is expected to take place in July or August of this year. Morgan Stanley (NYSE:MS) acted as financial advisor while Ramon Y Cajal Abogados S L P., Darrois Villey Maillot Brochier and J&A Garrigues, S.L.P. acted as legal advisors to Inmobiliaria Colonial, SOCIMI, S.A. Benjamin Kanovitch and Karine Angel of Bredin Prat & Associes acted as a legal adviser to the board of Société Foncière Lyonnaise. BDGS Associés acted as a legal adviser to Inmobiliaria Colonial.  Olivier Diaz, Didier Martin, Jean-François Louit, Frédéric Nouel, Cléopha Thomann, Olivier Dauchez, Alexandre Bochu, Foulques de Rostolan  and Emmanuel Reille of Gide Loyrette Nouel A.A.R.P.I. acted as a legal adviser to Société Foncière Lyonnaise.

Inmobiliaria Colonial, SOCIMI, S.A. (BME:COL) completed the acquisition of a 3.9% minority stake in Société Foncière Lyonnaise SA (ENXTPA:FLY) for approximately €170 million on August 31, 2021. Under the offer, offeror received acceptance in respect of 1,801,231 shares of Société Foncière Lyonnaise SA.