24 November 2016 – Expansión
The Socimi will debut on the stock exchange at a price of €12.90 per share, which represents a total company value of €20.6 million.
The MAB’s Coordination and Incorporations Committee has issued a favourable report to the exchange’s Board of Directors confirming the Socimi VBARE Iberian Properties’ compliance with the joining requirements, after studying all of the documentation submitted by the company.
Prior to joining the MAB, the company will launch a share subscription offer. According to the Spanish Stock Exchange and Markets (Bolsas y Mercados Españoles), the incorporation still requires the approval of the MAB’s Board of Directors.
Renta 4 Corporate is the Socimi’s registered adviser. Renta 4 Banco will act as the placement entity, liquidity provider and agent entity and, in addition, Value Base Underwriting and Securities Distribution will serve as the placement entity for the shares that are going to be issued in Israel, amongst qualifying investors only.
The company’s Board of Directors has set the reference value for each share at €12.90, which represents a total company value of €20.6 million. This estimate has been performed taking into consideration the share valuation report performed by the independent expert Grant Thornton.
VBARE Iberian Properties specialises in residential rental assets. Its strategy focuses on the acquisition of real estate assets, for their subsequent renovation and rental. It currently owns 183 real estate assets, all of which are located in Madrid.
Original story: Expansión
Translation: Carmel Drake