The shareholders of Vastned Offices/Industrial have 'overwhelmingly' approved the proposed merger with Nieuwe Steen Investments (NSI) during an extraordinary general meeting held in Rotterdam on Thursday.

Both companies are listed in Amsterdam.

The go-ahead from Vastned O/I comes one day after NSI postponed a vote on the merger as it did not achieve the required quorum for a shareholders meeting. NSI shareholders are now to vote on the merger on 7 October 2011.

The combination of Vastned O/I and NSI would have a EUR 2.4 bn portfolio across the Netherlands, Belgium, France, Germany and Switzerland.

The new entity would own more than 300 properties with potential to generate over EUR 200 mln in annual rental income.