Colonial Increases Its Stake In Axiare To 29% & Launches Takeover Bid

13 November 2017 – Inmodiario

Colonial has acquired an additional 13.3% stake in the share capital of Axiare from some of the company’s former key shareholders, including 9% from Pelham Capital. Moreover, it has formulated a voluntary takeover bid for the remaining 71.4% stake in “Axiare Patrimonio Socimi, S.A.”. The consideration on offer consists of a cash price of €18.50 per share and is subject to Colonial acquiring a stake that represents no less than 50% plus one share of the total share capital of Axiare.

Colonial, which first acquired shares in Axiare just over a year ago with the purchase of 15% of the company’s shares, plans to close the operation during the first half of 2018. The offer price represents a premium of 13% above Axiare’s current share price and 21% above the most recent NAV reported in June 2017.

A Spanish giant worth €10,000 million

With this operation, Colonial would consolidate is position as one of the leading European platforms in the prime office market in Paris, Madrid and Barcelona. Axiare’s portfolio, comprising 74% offices and with 77% of the portfolio located in Madrid, clearly complements the strategy to develop the location and characteristics of Colonial’s asset portfolio.

“This operation continues Colonial’s path of growth and consolidates its leadership position as one of the leading European real estate companies with a great capacity to generate real estate value”, explains Juan José Brugera (pictured above, right), President of Colonial.

The acquisition of Axiare would allow the entity to add €1,710 million in value to its existing portfolio, whereby taking the total asset value to €10,000 million. The resulting portfolio would span an operating surface area of 1.7 million m2, plus 330,000 m2 under development. Colonial, which currently holds a portfolio comprising solely office buildings, 75% of which are situated in prime locations and 97% of which are occupied, would whereby accelerate its commitment to the market in Madrid, where the entity would have a portfolio of office buildings worth €2,600 million.

Following the operation, the exposure to Spain, which currently accounts for 31% of Colonial’s asset value, would increase to represent 42% of the total. The entity’s combined portfolio would have 58% of its value located in Paris, whilst the office portfolio in Madrid and the portfolio of assets in Barcelona would represent 27% and 10%, respectively.

Seizing the optimal moment in the market

Combined, the two portfolios would generate forecast turnover of €350 million, based on the current asset base in each case. Plus, revenues from the potential to generate future income from the various value-added and renovation projects underway by both companies would also have to be added to that figure. Those projects are mainly focused on the market in Madrid and could increase the combined entity’s forecast rental income to €470 million (…).

Full financial backing

The operation is being financed in its entirety by JP Morgan through a bridge loan, which includes capital underwriting (…).

Ramón y Cajal are Colonial’s legal advisors.

Original story: Inmodiario 

Translation: Carmel Drake

Saint Croix Socimi To Debut On The MARF

1 October 2015 – Expansión

The Socimi Sainx Croix, owned by the Colomer family, registered its first fixed income program yesterday, for up to €80 million on the Alternative Fixed Income Market (‘Mercado Alternativo de Renta Fija’ or MARF), a financing option launched by the Government in 2013 to facilitate SMEs’ access to capital markets. In this way, Saint Croix became the first Socimi to turn to this market in search of financing.

According to a statement by the BME yesterday, Saint Croix plans to allocate the funds that it will raise through this bond issue to the acquisition of new assets and the maintenance of existing assets in its current portfolio.

Renta 4 coordinated the management and structuring of the plan and will act as the underwriter for the bond issues that are carried out. Axesor Ratings has assigned the issuer a BBB rating with a stable outlook, in other words, it is classified it as investment grade. Ramón y Cajal Abogados was engaged to provide legal advice for the design and registration of the program.

Saint Croix Holding, which relocated its headquarters to Luxembourg from Spain in 2014, owns 150,000 m2 of rentable space, with a total value of €284 million as at 30 June 2015. Its assets include several hotels, located in Huelva and Madrid, as well as the headquarters of CLH. The Socimi’s owners, the Colomer family, also own the real estate company Pryconsa.

The Socimi has included an explicit warning to investors in the bond issue brochure, about the political risks in Spain, making a clear reference to Cataluña (see page 32).


This  is a new debut for the MARF. In total, according to data from the BME, thirteen companies have decided to issue bonds through this market. Copasa, Pikolin, Tecnocom and Barceló are a few of the companies that have already successfully launched operations on this market.

Original story: Expansión (by D.B., M.S. and R.R.)

Translation: Carmel Drake