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Banimmo, Patronale Life complete merger

Belgian insurance company Patronale Life NV completed the acquisition of a 60.13% stake of Belgian real estate company Banimmo from French real estate investment trust Affine.

The common shares were acquired at €3.30 apiece, and the transaction closed on Nov. 12, 2018, Banimmo said in a release dated Jan. 8.

The transaction entitles holders of Banimmo's €44 million of 4.25% fixed rate bonds due February 2020 to sell the bonds to the company from Jan. 9 to Jan. 24.