• Transaction / Assets
    Promorent
  • Seller
    na
  • Buyer
    Grupo Iffe
  • € MM

Grupo Iffe Acquires Promorent & Implements a Change in Strategy

25 February 2019 – Eje Prime

Promorent, the second Socimi to enter the Alternative Investment Market (MAB), is changing hands. The company has been acquired by the Institute of Financial and Business Training (“el Instituto de Formación Financiera y Empresarial” or Grupo Iffe), which has purchased a majority stake through a capital increase amounting to €33.7 million, according to confirmation provided by David Carro Meana, CEO of Iffe, speaking to Eje Prime.

Following the operation, the company will cease trading as a Socimi and it has already filed a request with the MAB to enter the segment of expanding businesses under the name Iffe Futura. The group has also approved an increase in its share capital, at an extraordinary shareholders meeting, to take the leap into the field of property development.

Until now, Promorent was a Socimi with a real estate disposition. Now, with the entry of Grupo Iffe, it will also be a property developer. Moreover, the company’s new statutes provide for the possibility of acquiring and administering shares in other companies, even if they are not Socimis.

The new Board of Directors of Iffe Futura will be led by David Carro Meana. The President of Grupo Iffe will become the President and CEO of the company (…).

With this operation, Grupo Iffe is taking control of a listed company and consolidating its business as a property developer. The company, which is headquartered in Oleiros, A Coruña, already operates three other main lines of business: a business school, a financial consultancy and a business incubator.

Promorent, constituted in November 2011, has been a real estate company until now. It was promoted by the Pavón Olid family group and it was the second Socimi to make its debut on the MAB in December 2013. The company has a diversified portfolio comprising 18 assets: 11 homes in the centre of Madrid, 4 commercial premises and 3 plots (…).

Original story: Eje Prime (by Roger Arnau)

Translation: Carmel Drake

109