The sovereign fund of Qatar, Qatar Investmet Authority (QIA), has redoubled its commitment to Colonial. The fund has been made with an additional 10% of the real estate, which allows it to raise its stake to 20% and become the largest shareholder of the Spanish listed.
The operation has been articulated through an agreement by which QIA yields Colonial 22% of Société Foncière Lyonnais (SFL), French subsidiary of the real estate company. An increase that allows him to increase his participation in SFL up to 80% of the firm.
In return, the fund is made with 3 million shares of Colonial from the treasury stock of the real estate company. A transaction that allows QIA to increase its stake to approximately 20% of the company, which translates into some 53 million shares.
The operation is valued at 718 million euros. Among them, some 515 million euros will be paid through a non-monetary capital increase for which it will offer 53.5 million shares to Qatar in exchange for 15.34% of SFL.
The remaining 203 million will be paid by purchasing the remaining 5.99% of SFL from Qatar. In addition, Colonial will exchange treasury stock for another 0.86% of the French subsidiary.
The socimi that runs Pere Viñolas has considered in a "strategic" statement this transaction. After completing the merger with Axiare, the company, which already has a portfolio of assets worth 11,000 million euros, aims to strengthen its position in France.
Qatar has agreed not to sell Colonial shares in at least six months. Once this period of 'lock-up' has passed, and in case of wanting to sell, it will not do so to a competitor for at least four years. In addition, by virtue of this operation, the Mexican group Finacces will see its participation diluted (currently at 18%) to 16% of the socimi.