Cerberus Submits Bid to Acquire Socimi Optimum Re for €70.5M

13 June 2019 – Expansión

The US fund Cerberus has submitted an offer to acquire 100% of the Socimi Optimum Re Spain, which is listed on the MAB with a market capitalisation of €60.5 million.

Through its shell company Promotora Holding 295, Cerberus is offering €14.10 per share, which represents a premium of 16.5% over the Socimi’s closing share price yesterday of €12.10. As such, Cerberus is valuing the Socimi at €70.5 million.

Optimum Re was created in 2016 and has invested €65 million in the purchase of buildings and another €5 million in the renovation of homes. As at 31 December 2018, its assets were worth €104.77 million.

Original story: Expansión (by S.S.)

Translation/Summary: Carmel Drake