30 November 2017
Reporter: Barney Dixon

Colonial secures €416 million for Axiare takeover

Inmobiliaria Colonial has secured €416 million as part of its takeover bid of Axiare Patrimonio Scoimi.

Colonial, which already owns nearly 29 percent of Axiare’s capital, launched the bid earlier in November to secure the remaining 71 percent. The total transaction value is €1.2 billion

The Spanish office building developer raised €338 million through an accelerated placement process by institutional investors, with additional treasury shares worth €78 million.

On 21 November, Colonial secured €800 million in unsecured bonds.

Juan José Brugera, chairman of Colonial, said that there were “many synergies arising from this transaction, which predispose us to create a core product that addresses the growth on demand, maximising value return to our shareholders”.

He added: “We recognise in Axiare an excellent track-record in value generation carried out by its management team, fully coinciding with the strategy and market focus that Colonial has maintained and is expected to maintain in the coming years.”

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