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ARTICLE · 08 MAY 2019

New Versatility For Equity Financing By Belgian REITs

Jones Day
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On April 25, 2019, a law to amend the Law of May 12, 2014 on Belgian REITs (gereglementeerde vastgoedvennootschappen (GVV) / SIR)) (the "Amending Law") was approved by the Belgian Parliament.

BelgiumFinance and Banking
Matthieu Duplat
Matthieu Duplat
Thibault De Boulle
Thibault De Boulle
Aurélie Cautaerts
Aurélie Cautaerts
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In Short

The Situation: On April 25, 2019, a law to amend the Law of May 12, 2014 on Belgian regulated real estate companies ("REITs") (gereglementeerde vastgoedvennootschappen (GVV) / sociétés immobilières réglementées (SIR)) (the "Amending Law") was approved by the Belgian Parliament. The Amending Law will enter into force on the 10th day following its publication in the Belgian State Gazette.

The Result: The Amending Law will notably enable Belgian REITs to disapply the preferential subscription right of existing shareholders in case of a capital increase in cash, up to certain limits, without granting such shareholders a priority allocation right.

Looking Ahead: This is a welcome change, as Belgian REITs can now move quickly to pursue capital market opportunities as they arise.

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