Urbas Shares Rise By 15% After Stressing That The Plan To Take Over Alza And Alidra Remains In Place

11/08/2014 – El Confidencial

Urbas has underlined today that the process to take over Alza Residencial, subsidiary of Alza Real Estate, and Aldira Inversiones Inmobiliarias “remains fully in place” and in progress. With this, the market is showing its confidence with an increase of 15%, up to 0,023 euros, which positions the company as the best of the Continuous Spanish Stock Market.

In a statement issued by the Spanish Securities and Exchange Commission (CNMV), the firm signals that the nomination of an independent expert, who is to prepare a report on the value of the assets of this transaction, announced on 6 June, has already been requested.

The value fixed in that report “will be the value applied in the take over transaction”, points out the company, which also clarifies that the valuations performed to date are “provisional” although being based on “updated” valuations and issued by entities registered with the Bank of Spain.

This valuations value the shares of Alza Residencial at some €230 million and those of Aldira Inversiones Inmobiliarias at some €120 million.

Figures, it emphasises, which are subject to the review of the independent expert, “whose validation is an essential condition for concluding the final numbers of the proposed transaction.”

Urbas will put this take over plan before a special share holders’ meeting.

The take over of both companies will mean multiplying by a factor of 15 the size of the company.

Original article: El Confidencial
Translation: Aura REE