Criteria to Make a Decision Regarding the Remaining 49% Stake in Saba on 24 May

23 May 2018 – Expansión 

Tomorrow (Thursday 24 May), the Board of Directors of Criteria, the investment arm of La Caixa, will make a decision regarding the future of Saba, the parking lot group of which it is a controlling shareholder, with a 51% stake. Criteria must decide whether to purchase the remaining 49% share capital currently in the hands of KKR, Torreal and ProA Capital or, by contrast, accept an offer for the purchase of 100% of the company chaired by Salvador Alemany.

According to sources close to the operation, Criteria’s position will be to emerge as the buyer, once the economic estimate of the asset has been made known, whose valuation ranges between €1.2 billion and €1.4 billion.

The investment by La Caixa’s industrial holding company will put an end to the period of uncertainty that the company has been experiencing since Torreal (20%), KKR (18.5%) and ProA (10.5%) agreed to sell their combined 49% stake in a coordinated way more than a year ago. Saba’s minority shareholders have forced this outcome. According to the shareholders’ agreements, the drag-along clause was activated in May, which means that any of the shareholders may require the sale of 100% of the company. KKR, ProA and Torreal notified La Caixa of their intention to find a buyer. According to sources consulted, Criteria has expressed its willingness to buy at the estimated prices. Several funds have also expressed their interest in Saba. As Expansión revealed in November 2017, Arcus was one of the first funds to propose an agreement. In the market, sources also point to Macquarie, which purchased Empark last year.

For Criteria, which has declined to comment, the investment in Saba would represent its first major buy-side move since it sold 10% of Gas Natural Fenosa to the fund GIP in 2016 for around €1.8 billion and following its exit this month from Abertis, after accepting the joint takeover bid presented by ACS and Atlantia. For its 18% stake in the highway group, Criteria has received more than €3 billion, which it will use to fund new investments.

The conversations have accelerated in recent weeks to the point that Saba had to postpone its General Shareholders’ Meeting. Originally, it had been convened for 9 May, but it has been postponed until 12 June pending an agreement between the shareholders.

Original story: Expansión (by C.M., M.P.L. and A.Z.)

Translation: Carmel Drake

Gas Natural Sells 4 Office Buildings In Madrid For €206M

28 December 2016 – Expansión

Gas Natural Fenosa has made cash from some of its real estate portfolio. The energy company has sold four corporate buildings in Madrid for more than €206 million, according to a statement filed with the CNMV.

Gas Natural, which will continue to occupy all of these buildings as the tenant on a rental basis, has generated net profits of around €35 million through the operation.

Specifically, the gas company has sold its headquarters in Madrid, located on Avenida de San Luis 77, to the Socimi Zambal Spain for €120 million, as Expansión reported on 24 November. It is a building with a surface area of almost 31,900 m2 and 979 parking spaces.

Similarly, Gas Natural has also closed an agreement with an institutional investor to sell three buildings located in Spain’s capital city, specifically those on Avenida de América, 38; Calle Antonio López, 193; and Calle Acanto 11-13.

The price to be paid by the buyer, whose identity has not been revealed, will amount to €86.5 million in total. The three buildings have a combined surface area of 25,100 m2 and 716 parking spaces.

Just like in the case of its Madrilenian headquarters, Gas Natural will continue to occupy these other buildings as the tenant on a rental basis.

Original story: Expansión (by J.D.)

Translation: Carmel Drake