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Inmobiliaria Colonial set to take over Axiare Patrimonio

Office real estate investment trust Inmobiliaria Colonial SA disclosed the result of its voluntary takeover bid for rival Axiare Patrimonio.

Inmobiliaria Colonial launched the takeover offer in November 2017 for the acquisition of the remaining 71.4% interest in Axiare it did not already own in a deal valued at €1.2 billion.

The bid was accepted by Axiare shareholders holding 45,912,569 company shares, which represent 81.55% of the shares to which the bid was addressed and 58.07% of Axiare's share capital.

Following the settlement of the bid, Inmobiliaria Colonial's shareholding in Axiare will reach 86.86%, and as such, squeeze-out rights cannot be exercised.