Garrigues secures leading role in major aquisition deal
(20/06/2004) Garrigues has given legal advice to Inmbiliaria Colonial, S.A. in its acquisition of a stake corresponding to the 55,6% of the stock capital of Société Foncière Lyonnaise (SFL) from Aviva France, Exor Group, Geneval and Grosvenor. Both companies are quoted in Spain (Madrid and Barcelona) and France (Euronext in Paris, Premier Marché), respectively. The acquisition has been effected by means of an acquisition de bloc, and will be followed in the next weeks by a tender offer (offer publique d’achat or garantie de cours) for the rest of the stock belonging to SFL, for a total amount of 1.64 bn euros.
The Garrigues team was leaded by Barcelona partner Ramón Girbau and with senior associate Silvia Sorribas and junior associate Laura Codina. Other lawyers who have acted for Inmobiliaria Colonial on the French law issues: Cleary Gottlieb Steen and Hamilton. The other party was advised by Linklaters (France).
Ramón Girbau quotes: “This deal is important because it represents a qualitative leap by Colonial into the European arena, something that is unprecedented for Spanish players in the industry and of particular significance bearing in mind the caliber of competitors in the field. As a result of this acquisition, Colonial now ranks as one of the leading players in the continental prime site offices rental market”. The deal was closed on 9 June 2004.