Fonciere des Regions Chairman Ruggieri Cuts Stake, Steps Down

Fonciere des Regions SA Chairman Charles Ruggieri cut his stake in the company, France’s second-largest publicly traded office landlord, and will step down to be replaced by Jean Laurent.

Batipart, Ruggieri’s investment company, raised 180 million euros ($245 million) selling shares to FDR’s other main holders, reducing its stake to 7.2 percent from 11.5 percent, according to an e-mailed statement.

“The sale provides Batipart with new investment capacity,” the holding company said in the statement, adding that it will use the proceeds to invest in new real estate and health care-related projects.

Ruggieri, 62, will be replaced by Laurent, Credit Agricole SA’s former chief executive officer, according to a separate statement released by Metz-based FDR.

The announcement came after close of regular trading. FDR (FDR) rose 1.15 euros, or 1.5 percent, to 78.32 euros in Paris trading, lifting its market value to 4.19 billion euros.

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