Belgian Real Sicafi Retail Estates has launched a €20m stocks-and-cash bid for fellow Euronext-listed property company Immobiliäre Distri-Land.
Distri-Land has a portfolio of 26 retail buildings, half of which are let to Carpetland. Retail Estates said the deal would help it to focus on Belgium’s foremost Sicafi investing in peripheral retail property. Distri-Land shareholders have been offered eight new shares in Retail Estate plus €11.43 in cash for each Distri-Land share.
