Gecina's Rivero steps down as CEO, refutes concert party allegations

French REIT/SIIC Gecina has announced that Joaquin Rivero is resigning as CEO of the group but will stay on as chairman. The move comes in response to shareholder pressure to modfy the board following Gecina's decision to abandon the separation agreement from its recent parent Metrovacesa in Spain. Deputy CEO Antonio Truan will succeed Rivero in the post. The board also confirmed it will propose to the annual meeting a total dividend of e5.70 per share for 2008, and also that a second interim dividend of e1.22 will be paid out on 22 May. The move also comes after complaints from small shareholders over a number of recent decisions made by Rivero, notably including the purchase by Gecina of 49% the Spanish property holding company Bami, previously 100% owned by Rivero and board colleague and second major Gecina shareholder Bautista Soler. The complaints prompted an investigation by the French stock market supervisor AMF. Gecina earlier this month issued a statement refuting allegations that Rivero and Soler have acted in concert. "The Rivero group and the Soler group have always acted independently from one another in relation to Gecina and have, since they have been shareholders in Gecina, each declared that they are not acting in concert either with one another or with any other party in relation to Gecina," it said. Gecina owns and manages a portfolio value at nearly e12.5bn, and is the second largest REIT in France.

(Full story to be published in 120 Property Finance Europe on Monday 11 May 2009)