An €800m (£635m) investment by Citi Property Investors and Israeli company Gazit-Globe into Austria’s Meinl European Land was approved at an extraordinary general meeting held today.

In a statement made to the stock exchange after the meeting, the buying partners said: ‘Meinl European Land certificate holders passed all resolutions relating to the transaction, which was originally recommended by the board on 20 March.’

Shareholders approved a number of changes at the company. These include:

- Rebranding the name of the company to Atrium European Real Estate.

- Citi Property Investors and Gazit-Globe providing up to €800m (£635m) of new investment through €500m (£396m) of convertible securities and a €300m (£237m) rights issue to Meinl European Land certificate holders, which will be underwritten by Citi and Gazit.

- Internalising the management of the company through the termination of the Meinl European Real Estate management contract.

- Appointing new independent and executive board members, effective at the closing of the transaction, including Chaim Katzman as chairman, Rachel Lavine as chief executive, and Shanti Sen, Michael Bar Haim, Joseph Azrack, Peter Linneman, Thomas, William Wernink and, subject to approval by the Jersey Financial Services Commission, Peter Baguley.

- Cancelling all partly paid shares in the company.

The approval draws a line under a troubled year for the company which has been subject to an investigation into a share buyback programme.

Chaim Katzman, the proposed new chairman of Atrium, and chairman of Gazit-Globe said: ‘Certificate holders, including a number of blue-chip international institutions, have today shown their overwhelming support for the proposal we have put together with Citi Property Investors, so we can now begin implementing our changes and working towards a brighter future.’