Italian property developer Beni Stabili SpA SIIQ completed its merger into French diversified real estate investment trust Covivio on Dec. 31, 2018.

Covivio shares were delivered to Beni Stabili shareholders at an exchange ratio of 8.245 Covivio shares for every 1,000 Beni Stabili shares on Jan. 4. Covivio shares are now listed on the MTA market of the Milan stock exchange.

Following the merger, Covivio's share capital increased to up to €7.0 billion, based on a Jan. 4 share price of €84.70.