12 June 2019 - El Confidencial
On Wednesday, the General Shareholders’ Meeting of La Finca Global Assets approved the company’s debut on the stock market, which will take place during the first week of July.
The decision was supported by Susana García Cereceda, President of the company and owner of 50% of the share capital, and Värde Partners, which holds a 39% stake. It was opposed by the President’s sister, Yolanda, who owns a 10.99% stake, but she was outvoted.
La Finca owns 220,000 m2 of office space worth €725 million as at 31 December 2018, all of which is located in Madrid and Pozuelo de Alarcón. Nevertheless, the company has debt amounting to almost €400 million, and has to cover the costs of managing its business parks, and so, its final valuation is expected to range between €156 million and €170 million.
At its meeting, the General Shareholders also approved the company’s accounts for the year ending 31 December 2018, which reported operating profits of €45.9 million, mainly from rental income and a result for the year of €9.73 million, up from €4.6 million in 2017.
Original story: El Confidencial (by Agustín Marco & Ruth Ugalde)
Translation/Summary: Carmel Drake