BriQ REIC, which focuses on the Greek real estate market, has merged with Intercontinental International REIC.
According to a BriQ Properties press release, “the General Meetings approved the merger and the exchange ratio at a ratio of 1.194444444444444444 new common registered shares of the company for each common registered share of ICI, while the shareholders of the company will retain after the merger the same number of shares they held before the Merger. As a result, the share capital after the merger will be equal to EUR 94,260,125 and the total number of shares will be 44,885,774. BriQ’s existing shareholders will hold 79.7% and ICI shareholders 20.3% of the share capital, while the company will maintain its 41.3% free float.”
According to BriQ Properties, “the benefits of the merger are the immediate increase of all sizes of the company, the doubling of the value of the portfolio to EUR 283 million, rental income to EUR 21 million. And the economies of scale created are expected to increase profit margins and further enhance dividend distribution.”
The Lambadarios law firm advised BriQ REIC on the merger, and the Machas & Partners law firm advised Intercontinental International REIC.