Tag: market capitalisation

Uro Property To Launch For €259M On MAB Tomorrow

11 March 2015 – Expansión

Uro Property Holding, the real estate investment company (Socimi), whose primary shareholders are Santander, Atisha (the former Sun Group) and CaixaBank, will begin its journey on the Alternative Investment Market (Mercado Alternativo Bursátil or MAB) tomorrow.

In total, the company will start trading 2.59 million shares, at a starting price of €100/share, bringing its market capitalisation to €259.7 million. Based on this market value, Uro Property will be the largest company on the MAB, exceeded only by Gowex (€572 million), which was suspended from trading at the beginning of July after accounting regularities surfaced at the company.

Uro Property will hereby become the 27th company to list on the alternative market, which is aimed at small and mid-market companies.

PwC has acted as the auditor of the company, whilst Renta 4 has been the registered advisor and will serve as the liquidity provider in this IPO.

Uro, which will list (its shares) through a fixing procedure, whereby prices will be published twice a day – at 12:00 and 16:00 – owns 1,136 branches, which it leases to Santander. In 2013, its income from the rental of all of its real estate assets amounted to €125.9 million.

Original story: Expansión (by D.E.)

Translation: Carmel Drake

Sacyr Begins Relaunch Of Testa’s IPO To Raise €300m

3 February 2015 – Expansión

Testa, a company controlled by Sacyr, which owns 99.3% of its share capital, will hold the annual meeting of its shareholders today. It is expected that the mandate of the real estate company’s Board will be renewed to approve the distribution of extraordinary dividends and contributions to shareholders through a reduction in share capital. These measures are conditioned on the launch of Testa’s IPO, through which the company seeks to raise at least €300 million.

Specifically, Testa’s Board will give the green light to a capital reduction of €669 million and the return of a further €527 million to its parent company. Sacyr will receive €1,188 million from its subsidiary for both of these concepts.

Sacyr has engaged JP Morgan, Morgan Stanley and Garrigues to coordinate the IPO. Although the percentage stakes (of the new shareholders) have not been fixed, the entry of new shareholders (which will dilute the current ownership structure) will be limited to a maximum of 30% of the capital, since Sacyr wants to retain its position as the controlling shareholder, with a stake of more than 70%. The banks tried to launch this transaction last year, but market conditions prevented it from going ahead.

The company will try again in 2015, at a time when companies have turned their gaze back to the stock market as a means of financing their businesses and growth plans. Currently, around twenty companies in Europe are looking to go public. In Spain, notable placements include those by Aena, Saeta Yield (ACS), Abertis Telecom and Talgo, amongst others.

Testa’s shares closed trading yesterday flat at €18 per share, representing a market capitalisation of €2,078 million. At this market price, the sale of 25% of Testa’s capital would generate revenues of €500 million.

The subsidiary is the jewel in Sacyr’s crown. It is one of the leading companies in its sector by market assets, with a leasable surface area of 1.37 million square metres and an occupancy rate of 97%.

Original story: Expansión (by C. M.)

Translation: Carmel Drake