27/01/2014 – Expansion
The divestment follows other operations conducted in last days by financial institutions that have controlled the capital of Colonial since they have executed debt from the ex-managing partner Luis Portillo at the beginning of 2010.
The sales go along with Villar Mir´s advancing as a main shareholder of the real estate with 22,8%. He hopes to extend the holding to 29,9% by virtue of the planned capital expansion.
All of this happens in the process Colonial began last year in order to refinance and cut in its 2.100 million debt. (…).
When it comes to Credit Agricole, it has reduced its main shareholder part by 19,68% down to 12.17%, according to the CNMV.
The sale is entered in registries after Royal Bank of Scotland (RBS) sold to Villar Mir its 19% of the capital and so did La Caixa by transferring 2.6% of its share to the businessman.
Banco Popular has also divested in the real estate by selling its 4.669% share. (…).
Colonial is planning a capital expansion and Villar Mir will play the main role in it. The businessman will inject 300 million Euros which will in turn guarantee him a 29.9% holding.
At present, apart from Villar Mir and Credit Agricole, the real estate company is held by Coral Partners (14.7%) and Goldman Sachs (4.9%).
Original article: Expansión (EP)
Translation: AURA REE