The Board of Directors of Lar España has issued a favorable opinion accepting the public voluntary purchase offer of shares made by Helios, a company owned by the Hines fund (62.5%) and Grupo Lar (37.5 %). 100% of SOCIMI, for a value of 695 million euros, and already has more than 50% acceptance.
This is indicated in its report on the public purchase offer, published this Tuesday by the National Securities Market Commission (CNMV), in which it specifies that this acceptance was adopted with the unanimous vote of all administrators not concerned.
Sources from the purchasing consortium said Europe Press that they are satisfied with the evaluation made by the board of directors of Lar España on their offer, defending that they will continue working to make this offer a success.
According to Helios, this buyout benefits the two current shareholderswhich will have the opportunity to obtain an “attractive” valuation in a company which will have very limited liquidity, as well as the company, which will be able to benefit “from the experience and knowledge of Helios”.
Lar España already announced in its latest quarterly results in October that Helios had received the acceptance commitment from more than 50% of its shareholders, when signing an agreement with Castellana Properties – a Spanish company of the southern fund -African Vukile and owner of 28.7% of the capital of Lar España – to sell his stake in exchange for increase the offer to 8.3 euros per share, compared to 8.1 euros previously.
The offer concerns 100% of the capital of SOCIMI, i.e. 83.7 million shares, even if the 8.5 million own shares will be excluded, the public purchase offer will therefore affect 75.2 million shares, which represents some 624 million euros.
The report recalls that Helios’ intention is to enrich the international commercial offer and new commercial formats, the development of a technology plan aimed at increasing sales and implementing a reinforced ESG strategy.
Helios will carry out a strategic assessment of the portfolio which will allow it to define the optimal state of maturity of the different assets, evaluate possible divestments of mature and stabilized assets, in order to maximize portfolio performance and focus on other assets with greater revaluation potential.
Furthermore, wants Lar España shares to continue to be traded on Spanish stock exchangesand the offer is not intended to delist the shares of the company.
