The shareholders of Cardety and Carmila who have gathered this day in the extraordinary general assemblies have approved the proposed merger of their companies on the basis of an exchange parity of 1 share Cardety to 3 shares Carmila, resulting in the absorption of Carmila by Cardety.
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The whole thus constituted has been renamed to “Carmila” and the new shares resulting from the merger will be listed for trading as of June 14, 2017 on the Compartment A of the regulated market of Euronext in Paris under ISIN code FR0010828137 (Ticker symbol CARM). The company benefits of the plan of real Estate Investment Company Listed (SIIC regime).
Cardety and Carmila had previously signed on April 4, 2017, a treaty of merger to create a listed real estate company major dedicated to the enhancement and development of shopping centres leaders in France, Spain and Italy, based on a strategic partnership with the Carrefour group, the merchant food reference and one of the leaders of the distribution in the world.
This merger creates the 3rd property listed in shopping centres in Continental Europe with a heritage of 205 assets of an estimated value of 5.4 billion euros1.
The Board of Directors of the company in his new configuration2, met at the end of the two extraordinary general meetings for the purposes to endorse the new composition of the Board of Directors and its Committees, also appointed Jacques Ehrmann as Chairman and ceo and Géry Robert-Ambroix and Yves Cadelano in the capacity of deputy managing Directors.
1 Value pro forma march 31, 2017, all rights included
2 as described in paragraph 14.1.1 of schedule II to the document E registered with the Autorité des Marchés Financiers (AMF) under the number E. 17-040
In this context, the company initiated a refinancing of its bank debt to extend the maturity by expanding the pool of banks. She received the June 9, 2017 letters of firm commitment on the part of 10 banks on a total amount of € 770 million of debt drawn and 1 009 million euros revolving credit facility. The signing of the documentation is scheduled for June 16, 2017.
The average maturity of the bank financing will rise from 3.5 years to 4.7 years, an increase of 1.2 year.
This merger is to Carmila a major step in his development by allowing him to benefit from the financial flexibility of an additional that gives it its status as a listed real estate company.
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About Carmila
Carmila was created on April 16, 2014 by Carrefour, and large institutional investors in order to regenerate and enhance the shopping centers adjacent to Carrefour stores in France, Spain and Italy. Its portfolio is comprised, at 31 December 2016, 194 shopping centres in France, Spain and Italy, in most cases leaders in their catchment area, and valued at 5.2 billion euros. Animated by a culture of shopping, the teams Carmila include the whole range of expertise dedicated to the commercial attractiveness : marketing, marketing, specialty leasing, management center and portfolio management.
The audited consolidated financial statements 2016 Carmila have been made public on 5 April 2017 and are available on the website www.carmila.com, Finance section.
About Cardety
Cardety (previously called Carrefour Property Development, is a listed real estate company benefiting from the tax regime the SIIC and having main activities are the development, acquisition, and management of business parks and commercial lots and shopping malls. December 31, 2016 its portfolio was comprised of 13 assets valued at 134 million euros including duties.
The action Cardety is listed on Euronext Paris Compartment C under ISIN code FR0010828137 – Mnemonic Code CARD.
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