Spain's Astroc has acquired a 53.84% stake in peer Rayet to complete an agreement made earlier this year, Spanish newspaper Cinco Dias has reported. The transaction comes to a total amount of about EUR 328 mln.
Spain's Astroc has acquired a 53.84% stake in peer Rayet to complete an agreement made earlier this year, Spanish newspaper Cinco Dias has reported. The transaction comes to a total amount of about EUR 328 mln.
In a statement, Astroc said it had altered the terms of the original deal to acquire 60% stake, announced on October 27, to include the partnership with peer Sedesa. Therefore, the Valencia-based Sedesa will take 4% of the stake Astroc planned to buy in the property division of Spain's Rayet group, the newspaper said. Astroc said that its option to acquire the remaining 40% of Rayet's real estate business for EUR 299 mln is now held by CV Capital, Astroc's majority shareholder.
The property group told the CNMV, Spain's Commission on Stock Exchange, this stake has been transferred to subsidiary CV Capital, 'in order to smooth Astroc's financial load'.
Astroc added it is going to increase its stake in Rayet up to 56%, after the group will propose a EUR 100 mln capital hike. The real estate company owned by Enrique Banuelos acquired Banco Sabadell's real estate unit, for EUR 900 mln plus debt on October 29.
Sedesa plans to invest billions of euros in Hungary, researchers at Kempen & Co have said, citing the daily Vilaggazdasag.
