20 December 2018 – La Vanguardia
The operation was formalised on Thursday, after the necessary approvals were obtained, according to reports from CaixaBank, which has specified that this real estate package primarily comprises assets available for sale as at 31 October 2017 and 100% of the company Servihabitat.
All of these assets have been transferred to a newly created company called Coral Homes.
The initial sales price for 80% of the share capital of this company is €3.974 billion, which corresponds to a valuation for 100% of the shares of €4.967.5 billion.
Nevertheless, the initial price will be adjusted up or down over the coming months depending on a series of variables that are typical in these types of operations, said the bank chaired by Jordi Gual and whose CEO is Gonzalo Gortázar.
In parallel to the sale of the real estate portfolio, CaixaBank and other companies in the group have signed a servicing contract with Servihabitat for their real estate assets, present and future, for a period of five years.
The global impact of the operation is estimated to be a loss of €40 million net of taxes.
Meanwhile, the impact of the deal on the fully loaded CET 1 capital ratio is estimated to be an improvement of 15 basis points.
Aura advised Lone Star on this purchase.
Original story: La Vanguardia
Translation: Carmel Drake