Colonial has approved this capital increase on Thursday at an extraordinary shareholders meeting whereby the sovereign fund of Qatar will become the main shareholder of the socimi, given that it will double its share in the company and put it at 20%.
Qatar has become the first partner of the second largest socimi in the country, a firm with office buildings in Madrid, Barcelona and Paris valued at 11,000 million, through the agreement reached with Colonial to exchange shares of the French subsidiary Société Foncière Lyonnaise (SFL).
Specific, Colonial will give Qatar its own shares issued in the capital increase and this fund will give you in return the share of 22% that you have in SFL.
Thus, Qatar doubles its presence in Colonial from 10% current up to the aforementioned 20% and becomes its first shareholder, while the real estate company increases to 80.74% the controlling interest of 59% that it has in SFL.
It is an operation valued at 718 million euros that Colonial framed in the desire to simplify the group shareholding and strengthen its position in SFL and in France, a company and a market that considers "strategic".
The real estate deals with this transaction After the merger of the Axiare socii and while it is immersed in full growth strategy through investments in purchases and promotions of new buildings.
In the case of Qatar, it is reinforced as the first partner of the second major listed patrimonial, in line with thebet that big international funds are making for the Spanish real estate sector. In addition, it maintains an indirect participation in SFL.
No changes in the Board
These shareholdings will have no impact on the Colonial board, since the Qatar fund retains the two armchairs that it has in this management body since a long time ago it had a greater participation, according to the president of the socimi, Juan José Brugera, after the assembly.
Bruguera has assured that the operation was unanimously approved by all the partners, ruling out a possible discomfort on the part of the until now first partner of Colonial, the Mexican group Finaccess, not only to lose this condition, but also to dilute up to 16% its current 18% stake in the company as a result of the capital increase.