Paris, 6 November 2024




Proposed merger of Société Foncière Lyonnaise
and Inmobiliaria Colonial



The Boards of Directors of Inmobiliaria Colonial, and its 98.24%-owned subsidiary Société
Foncière Lyonnaise, have decided to examine in detail a proposal to merge SFL into Colonial.



The potential merger would be part of the ongoing strategy to simplify the Group's structure,
one of the pivotal stages of which was Colonial's public exchange offer in August 2021. It
would strengthen further cohesion between SFL and Colonial, which has been SFL’s majority
shareholder since 2004. For over twenty years, the two companies have shared the deeply
held belief that the key to creating long-term value lies in developing prime urban assets and
building a unique mixed-use portfolio in Paris, Madrid and Barcelona.



The potential transaction would consist of merging Société Foncière Lyonnaise into
Inmobiliaria Colonial and exchanging all SFL shares tendered for newly-issued Inmobiliaria
Colonial shares. The exchange ratio would be determined based on a multi-criteria valuation
and would be subject to the opinion of the merger auditor.



If it proceeds, it is probable that the merger agreement between Colonial and SFL would be
signed in the first quarter of 2025, after consulting employee representative bodies about the
project, with completion of the merger being subject to the usual conditions precedent.




SFL - Thomas Fareng - T +33 (0)1 42 97 27 00 - t.fareng@fonciere-lyonnaise.com
1
www.fonciere-lyonnaise.com
About SFL
A benchmark player in the prime segment of the Parisian commercial real estate market, Société Foncière Lyonnaise
stands out for the quality of its property portfolio, which is valued at €7.4 billion and is focused on the Central Business
District of Paris (#cloud.paris, Edouard VII, Washington Plaza, etc.), and for the quality of its client portfolio, which is
composed of prestigious companies. As France’s oldest property company, SFL demonstrates year after year an
unwavering commitment to its strategy focused on creating a high value in use for users and, ultimately, substantial
appraisal values for its properties. With its sights firmly set on the future, SFL is committed to sustainable real estate
with the aim of building the city of tomorrow and helping to reduce carbon emissions in its sector.

Stock market: Euronext Paris Compartment A – Euronext Paris ISIN FR0000033409 – Bloomberg: FLY FP – Reuters:
FLYP PA

S&P rating: BBB+ stable outlook




About Inmobiliaria Colonial
Inmobiliaria Colonial is the leading platform in the prime commercial Real Estate market in Europe, present in the
main business areas of Barcelona, Madrid and Paris with a unique commercial real estate portfolio totalling more
than 1 million sqm and a market value of more than €11.3billion. The Group has a long-term focused dedicated
strategy on value creation through a top-quality client portfolio and asset repositioning. Regarding the future, the
Colonial Group will continue to lead the urban transformation of the city centres in the European market, recognized
by its experience and professionalism, its strength and profitability, providing excellent sustainable Real Estate
solutions tailored to the needs of customers.
BME Madrid ISIN ES0139140174 – Bloomberg: COL:SM – Reuters: COL.MC
S&P rating: BBB+ stable outlook




SFL - Thomas Fareng - T +33 (0)1 42 97 27 00 - t.fareng@fonciere-lyonnaise.com
2
www.fonciere-lyonnaise.com