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31 May 2012
Frankfurt am Main, Germany
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- Property Debt Breakfast
20 June 2012
London
AMF investigates French Gecina over Bami buy
French REIT/SIIC Gecina is being investigated by the nation's AMF stock market authority after complaints by small shareholders over various recent moves by CEO Joaquin Rivero, primarily the decision earlier this year to acquire 49% of Spanish firm Bami at a time when the Spanish real estate market is very weak. Gecina equity holders invoked support of the small stockholders association Adam to complain that Bami, owned 100% until the acquisition by Rivero and Gecina board colleague Bautista Soler, has been mispriced. The French magazine Nouvel Observateur reported Bami was valued at e512m in December 2007, and for the latest transaction at e785m, a gain of 53% amid the hardest Spanish property market downturn in memory. Rivero and Soler reaped strong capital gains.