Belgium's Immobel to buy peer Allfin

Compagnie Immobiliere de Belgique

07/04/2016 07:49

April 7 (Reuters) - Belgian real estate company Immobel 
 IMMO.BR  agreed to buy peer Allfin in a deal which values the 
group at 286 million euros  ($326.47 million), the group said in 
a statement on Thursday. 
    Combining the businesses will create the largest listed real 
estate developer in the country, with joint assets of more than 
850 million euros. 
    Allfin currently owns 29.85 percent of Immobel. 
    Immobel said it planned to issue 201 million euros of new 
shares at an 18.7 percent premium, compared to the average share 
price, to pay for the deal. Allfin's controlling shareholder 
Marnix Galle would hold 58.77 percent of the new group. 
    The transaction is expected to be completed end of June 
2016. 
($1 = 0.8760 euros) 
 
 (Reporting by Jochen Elegeert; editing by Robert-Jan Bartunek) 
 
Keywords: ALLFIN M&A/IMMOBEL