Valencia-based property development company Crein has acquired a 24.5% stake in Madrid-listed Afirma Grupo Inmobiliario from the company's main shareholder Martibalsa. The acquisition represents an investment of EUR 102.5 mln, based on Afirma's closing share price on the same day of the acquisition.
Valencia-based property development company Crein has acquired a 24.5% stake in Madrid-listed Afirma Grupo Inmobiliario from the company's main shareholder Martibalsa. The acquisition represents an investment of EUR 102.5 mln, based on Afirma's closing share price on the same day of the acquisition.
Afirma's shares are currently trading at around EUR 0.32 per share. The company, which is specialised in residential property, is controlled by Grupo Rayet, with a 55% interest, while Caixa Galicia holds a 4% stake.
Afirma, formerly known as Astroc, closed the third quarter of the year with a loss of EUR 90 mln, which compares to a loss of 415 mln registered in the same period a year before. Last summer the company reached an agreement with its creditor banks for the refinancing of EUR 754 mln of debt.
Afirma was formed following a merger in 2008 between Astroc, Landscape and Rayet. The change in name came as a response to Astroc's need to rebrand and relaunch itself following a sharp drop in the company's share price over the past two years.
