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Nyesa Signs Non-Monetary Capital Increase of €17M with Brickstock

12 March 2018 – Eje Prime

Nyesa is continuing to win shareholders and develop its portfolio following its return to the stock market. The real estate firm has signed a contract with the Socimi Brickstock and its reference shareholders to undertake a non-monetary capital increase amounting to more than €17 million, as reported by the company to Spain’s National Securities and Exchange Commission (CNMV).

The agreement provides for the contribution of all of the shares of the Spanish companies Desarrollos Comerciales Plainet and Liber Iudiciorum. The first of the companies owns an asset portfolio comprising 2,453 m2 of retail premises and terraces in Fuerteventura, a retail premise in Barcelona, buildable land in Madrid for the construction of four homes and a buildable plot in Toledo for the construction of 52 homes. Meanwhile, Liber Iudiciorum owns two stores in the Gorbeia Multicines (Vitoria-Gasteiz) and Parque Rivas (Madrid) shopping centres, with a gross leasable area of 6,971 m2 and 4,797 m2, respectively.

For the time being, the capital increase operation is conditional upon Nyesa giving the green light to the technical, legal, tax, labour, financial and urban planning reviews of the two companies and to the shareholders of the companies accepting the valuation assigned to their shares.

The company is planning an issue rate of €0.06 per share for its capital increase, of which €0.015 corresponds to the nominal value and €0.045 to the issue premium.

Following this operation, Brickstock would hold a percentage of less than 13% of Nyesa’s share capital. Moreover, the Socimi has signed an agreement to not sell all of its shares in Nyesa for at least six months and to not sell half of its shares for at least one year.

Original story: Eje Prime

Translation: Carmel Drake