Shareholders of Spanish real estate company Metrovacesa are to receive shares in French company Gecina in return for their Metrovacesa shares as part of the first stage in the separation of the two companies. The move follows the approval of Spanish securities regulator (CNMV) for Metrovacesa's public stock buyback offer. The exchange ratio is 0.585 Gecina share for every Metrovacesa share put forward for the offer.
As Ares completed a €325 mln French logistics acquisition from Blackstone, another French portfolio came onto the market.
