BARCELONA, Spain, Aug. 27,
2024 /PRNewswire/ -- ADVERO Properties SOCIMI, S.A.
("ADVERO"), a real estate investment company listed on Spain's BME Growth and specialised in
medium-income rental housing, launched last August 2nd a public offer to purchase
Israeli-owned VBARE Iberian Properties SOCIMI, S.A.
("VBARE") at €8.31 per share, with a premium at the time of
the offer of 45% on VBARE's share price and of 37% on the average
share price over the last twelve months.
VBARE shareholders have until September 13th to respond to the €30
million bid that offers a mixed payment of €6.56 per share in cash
and €1.75 per share in shares of ADVERO, the later issued at
10.50 euros per share (+7.6% implicit
gain from ADVERO's current trading price of 11.30 euros per share).
This mixed payment structure will allow existing VBARE
shareholders who wish so to continue to participate in a growing
company in the middle-income residential segment in Spain, whose performance since its foundation
has been highly value accretive for ADVERO shareholders. ADVERO's
share price accumulates a revaluation of 126% since its first
capital increase in February 2018.
However, for those VBARE shareholders who wish to opt for a full
divestment following the acceptance of the offer, it is ADVERO's
will to use its best efforts to facilitate an orderly exit in
relation to the ADVERO shares received.
Since its incorporation, ADVERO has had the determination to
develop a long-term project in the residential rental market in
Spain, which will transform the
imbalance between supply and demand in the country, while
generating attractive returns for shareholders. Currently ADVERO
owns 25 residential buildings with a total of 402 homes in the
Spanish cities of Madrid, Malaga,
Cordoba and the Barcelona catchment area, while VBARE owns 16
buildings with 220 homes, located exclusively in the city of
Madrid. The value of ADVERO and
VBARE's combined 622-homes portfolio (GAV) would be around €130
million, with debt of around 30% of said value.
ADVERO conditioned the offer to obtain at least a 51% acceptance
of VBARE's shareholding, although it reserves the possibility of
acquiring a non-controlling stake depending on the final percentage
of acceptance.
ADVERO is attending any query from VBARE's shareholders and
their custodian entities in
investor.relations@adveroproperties.com. Full offer document is
available on www.adveroproperties.com
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SOURCE ADVERO Properties SOCIMI S.A.