Merger between Colonial and Société Foncière Lyonnaise: Exchange parity fixed

The merger project between Inmobiliaria Colonial and its subsidiary Société Foncière Lyonnaise (SFL) is progressing. The boards of directors have agreed on an exchange ratio of 13 Colonial shares for 1 SFL share. This conversion concerns minority shareholders, holding 1.76% of SFL's capital. The exit price is set at 77.5 euros per SFL share. This amount could be adjusted according to the 2024 dividend.

The signing of the merger agreement is expected in early March, subject to approval by shareholders and the Autorité des Marchés Financiers. The transaction is expected to close in the second half of 2025. The merger aims to consolidate a pan-European platform specializing in prime real estate, thereby strengthening the group's growth strategy.