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Acciona Puts On Sale Bestinver & Transmediterranea

10/02/2014 – El Confidencial

The Entrecanales family braces for compensating its last non-strategic assets sale. Recent electrical reform hit straghtly into Acciona´s accounts. The infrastructure and service firm took ahead accepting offers for both Bestinver and real estate managing affiliate. The sale is a part of a partial divestment plan in its energy business.

(…) Acciona is perfectly aware that it will have to shed the said branches to neutralize almost €350 million budget hole, digged by various regulatory measures taken up by the Ministry of Industry. Last year, the company had to absorb a €137  million blow and in 2014 it will probably be much stronger, around €200 million (…).

The divestment plan foresees between €500 and €1.000 million income. Acciona has already managed to transfer renewable energy assets in South Korea (€82 million) and in Germany (€150 million), as well as a concession in Canada and several real estate assets for about €100 million. In total, it earned €370 million.

In April 2013, Acciona hired Lazard and Maquerie to sell 30% of its renewable energy segment, however the execution failed due to constant changes introduced into law. No investor wanted to acquire the glut of wind farms and thermosolar plants because of incertainty about their future. (…).

Lazard appraises mostly assets outside of Spain, principally in the United States, where Acciona holds 30% of capacity. The company decided, however, to accept offers for Bestinver, manager of the family fund, having under its office around €8.000 million fortune. (…).

The most interesting part is the sale of around €1.600 million in gross real estate assets owned by the group, out of which 30% corresponds to heritage buildings or rented, in up to 90% occupied. Overall real estate business of Acciona is valued at around €500 million, land in and outside Spain exluded.

Battles for Realia or Colonial have woken up stong interest on the side of domestic and foreign funds, thus offers for Acciona´s real estate shall not seem surprising. Precisely, there they arrived for Transmediterranea, a shipping line put on sale many times before, and a service affiliate. (…).

 

Original article: El Confidencial (Agustín Marco)

Translation: AURA REE