Axiare May Veto Colonial’s Purchase Of Its Share Capital

25 October 2016 – Cinco Días

The Board of Directors of Axiare Patrimonio has submitted a relevant fact to the National Securities and Exchange Commission (CNMV) in which it states that it has delegated to its CEO “the authority to select and engage the investment banks and legal advisors deemed necessary to analyse and study the possible effects of the recent entry of Inmobiliaria Colonial into its share capital”.

Colonial announced the acquisition of a 15.09% stake in Axiare on 17 October, as part of its strategy to strengthen its position in the area of rental properties in Madrid. It paid €135 million for its stake in the Socimi, which manages assets amounting to €1,050 million and which is obliged to distribute dividends each year. Those dividends will represents a steady cash flow for the Catalan company.

Original story: Cinco Días

Translation: Carmel Drake