Axiare bidder Inmobiliaria gets main shareholder CaixaBank's endorsement; obtains financing for acquisition
Inmobiliaria Colonial [BME:COL] has obtained the necessary financing to buy 100% of Axiare Patrimonio SOCIMI [AXIA:SM] after its main shareholder, CaixaBank (29% stake), endorsed the offer, Expansion reported. Colonial has already submitted all the documentation to the CNMV, the Spanish-language paper said, citing sources close to the process.
The deal, if successful, will create a real estate giant with some EUR 10bn in assets, Expansion noted.
Several Spanish banks aspired to this contract, Expansion said, citing sector sources, but it was finally CaixaBank which made the most competitive offer.
The bank guarantee is part of the documentation sent by Colonial to the regulator at the beginning of this month. The CNMV is now analysing the takeover bid, and Colonial expects for the offer to be approved in January.
As reported, the investment bank JPMorgan granted Colonial a bridge loan to start the transaction, while at the same time, the real estate company raised funds from the market - issuing EUR 800m in bonds and carrying out a EUR 338m capital increase - to pay off the bank loan.