Sacyr prepares EUR 500m capital increase in Testa
Sacyr, the Spanish construction and concessions group, is preparing a EUR 500m capital increase of its listed rental properties unit Testa Inmuebles en Renta, El Confidencial reported.Lawyer Garrigues Global has been appointed to advise on the operation and JPMorgan and Morgan Stanley will coordinate the issue, the unsourced Spanish-language report said.
Testa's current free-float is very small given that Sacyr controls 99.5%, the report said.
Testa owns 1.4m square metres of rental properties that have occupation rates of about 98%, El Confidencial went on to say. Last year it reported sales of EUR 220m (including EUR 215m from the rental business) and EBITDA of EUR 217m following assets' divestitures.
The proposal to be voted at the general meeting called for 2 June will include a capital reduction of EUR 625m prior to the capital increase. Testa will also share EUR 520m in dividend, the report said.
Testa is valued at EUR 1.5bn, the report noted. Sacyr will retain about 75% of the unit.
Source El Confidencial