Listed Belgian REIT Befimmo is converting to limited liability status in a move aimed at simplifying its legal structure and making it more transparent.
Listed Belgian REIT Befimmo is converting to limited liability status in a move aimed at simplifying its legal structure and making it more transparent.
The move follows a unanimous decision to go private at an extraordinary general meeting of shareholders held on 20 December.
Befimmo, a Sicafi or REIT, currently takes the form of a Partnership Limited by Shares (Société en Commandite par Actions). Following the change, it will become a Limited Liability Company.
In its present structure, the company is controlled by AG Real Estate Asset Management with AG Insurance holding a 17.4% stake in the company.
As part of the change, Befimmo’s property management activities - currently operated by AG Real Estate - will be incorporated into a new company called Befimmo Property Services SA in the second quarter of 2013.
The move also means Befimmo’s board of directors will in future be appointed directly by the shareholders of the Sicafi.
