Office landlords Axiare Patrimonio SOCIMI SA and Inmobiliaria Colonial SOCIMI SA granted the public deed of their planned €1.2 billion merger July 2, after creditors raised no objection during their mandatory opposition period.

Under the terms of the deal, Inmobiliaria agreed to acquire the remaining 71.4% stake in Axiare it did not already own by giving Axiare shareholders 1.8554 of Inmobiliaria shares of €2.50 par value for each Axiare share of €10 par value, without provision for any additional cash compensation. The acquirer raised its share capital through the issuance and placement of 19,273,622 new ordinary shares to meet the requirement.

The merger, which received the approval of Axiare and Inmobiliaria shareholders on May 25 and May 24, respectively, will result in the termination of Axiare via dissolution without liquidation.