17 November 2017 – Eje Prime
The Bank of Montreal has become a shareholder of the property developer Neinor Homes, in which it has acquired a 3.25% stake. The percentage is worth around €47 million on the basis of the current share price for the real estate developer.
Specifically, Bank of Montreal has purchased a package of 2.43 million shares in Neinor, equivalent to 3.08% of its share capital, in a direct way, and another 140,000 (0.17%) through financial instruments, according to the records of Spain’s National Securities and Exchange Commission (CNMV).
Canada’s oldest bank has whereby joined the list of qualified international investors who hold a stake in the firm, led by Juan Velayos as CEO, since it debuted on the stock market in March.
In addition to Lone Star, the US fund that constituted the company and still controls 13% of its share capital, the shareholders of the real estate company include Wellington Management Group, with a 8.5% stake, Fidelity with another 6.8%, Invesco (4%) and King Street Capital Management (3.9%).
Neinor currently has 71 housing developments under construction in Spain, comprising 5,470 homes, after launching five new developments containing 528 homes in the third quarter of the year.
Original story: Eje Prime
Translation: Carmel Drake