Vitruvio to Complete a €14.5M Capital Increase Ahead of its Takeover of Única

5 February 2019 – Eje Prime

Vitruvio is preparing to launch its takeover bid for Única. The Socimi is planning to complete a €14.5 million capital increase to finance the operation, which will be complemented by the exchange of shares plus available cash from the company.

In addition, the company has now completed the two due diligence processes on the Madrilenian Socimi – specifically, the technical and legal due diligences, and both of them have proved positive. “That was the last step that needed to be completed before submitting the offer to the reference shareholders of Única, which is extendable to all of the shareholders”, explained sources at Vitruvio speaking to Eje Prime.

Vitruvio is planning to close the operation for around €32 million. After adding €45 million in properties from Única, the group will be managing a portfolio of rental assets worth €160 million.

According to explanations provided by the Socimi in a statement sent to the Alternative Investment Market (MAB), the capital increase will finance part of the acquisition, fulfil the maximum indebtedness limit of 33% and make way for the entry of new investors.

The rest of the operation will be paid for with €8.1 million of available cash as well as financing available to Vitruvio for the purchase, and another €9.7 million, which will be paid for with shares representing 30% of Única.

The capital increase will be proposed at the next shareholders meeting in March at a price of €14.50 per share. “Vitruvio will propose the capital increase at the latest NAV per share, whereby avoiding any dilution of the shareholders”, explained the company.

Única Real Estate was founded in 2015 by the former CEO of Metrovacesa, Eduardo Paraja, and specialises in the acquisition and leasing of commercial premises in the Community of Madrid.

Vitruvio, meanwhile, has a diversified portfolio comprising offices, homes and commercial premises. Together, the two companies own 71 properties, and generate revenues and EBITDA of €9.3 million and €6.3 million, respectively.

Original story: Eje Prime (by I. P. Gestal)

Translation: Carmel Drake

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