ADVERO Properties SOCIMI, S.A., a Spanish real estate investment trust listed on BME Growth, has launched a public takeover bid for Israeli company VBARE Iberian Properties SOCIMI, S.A. valued at 30 million euros. The offer of 8.31 euros per share from ADVERO includes a premium of 45% over VBARE’s share price at the time of the offer and 37% over the average share price over the past 12 months. The payment is structured as a mix of 6.56 euros in cash and 1.75 euros in ADVERO shares, the latter being issued at 10.50 euros per share. Shareholders of VBARE must respond by September 13, 2024. The acquisition seeks to enhance ADVERO’s portfolio in the medium-income rental housing segment in Spain, adding VBARE’s 220 units in Madrid to ADVERO’s 402 units across several Spanish cities. The combined portfolio will have an approximate value of 130 million euros with a debt of about 30% of this value. The offer is contingent upon receiving acceptance from at least 51% of VBARE shareholders, though ADVERO may consider a minor stake purchase depending on the final acceptance rate.
Real Estate Investment, Residential Housing,Spain, Israel
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