DEADLINE FOR THE TAKEOVER OFFER OF SPANISH ADVERO PROPERTIES FOR 100% OF THE SHARE OF ISRAELI VBARE IBERIAN PROPERTIES IS COMING

ADVERO Properties SOCIMI, SA (“ADVERO”), a Spanish BME Growth-listed real estate investment company specializing in middle-income rental housing, announced last August 2nd a public offer to purchase the Israeli-owned VBARE Iberian Properties SOCIMI , SA (“VBARE”) at a price of 8.31 Ꞓ per share, which corresponds to a premium of 45% to VBARE’s share price and 37% to the average share price of the last twelve months.

VBARE shareholders have until September 13th Time to respond to the 30 million euro offer, which envisages a mixed payment of 6.56 euros per share in cash and 1.75 euros per share in ADVERO shares, the latter issued at 10.50 euros per share (+7.6% implied profit compared to the current ADVERO price of 11.30 euros per share).

This mixed payment structure will allow VBARE shareholders who so desire to continue to participate in a growing company in the middle-income housing segment in Spain, whose performance since its inception represents a high increase in value for ADVERO shareholders. ADVERO’s share price has increased in value by 126% since the first capital increase in February 2018. However, for those VBARE Shareholders who wish to opt for a full divestiture after accepting the Offer, ADVERO will use its best efforts to facilitate an orderly exit with respect to the ADVERO Shares received.

Since its inception, ADVERO has been determined to develop a long-term project in the Spanish rental housing market that will change the imbalance between supply and demand in the country while generating attractive returns for shareholders. Currently, ADVERO owns 25 residential buildings with a total of 402 apartments in the Spanish cities of Madrid, Malaga, Córdoba and the Barcelona catchment area, while VBARE owns 16 buildings with 220 apartments located exclusively in the city of Madrid. The value of the joint portfolio of ADVERO and VBARE with 622 apartments (GAV) would amount to around 130 million euros, with debt accounting for around 30% of this value.

ADVERO has conditioned the offer on acceptance of at least 51% of VBARE shares, but reserves the possibility of acquiring a non-controlling interest depending on the final percentage of acceptance.

ADVERO answers all inquiries from VBARE shareholders and their custodians at investor.relations@adveroproperties.com. The complete offer document is available at www.adveroproperties.com

Logo – https://mma.prnewswire.com/media/2490464/Advero_Logo.jpg

View original content:https://www.prnewswire.com/news-releases/frist-fur-das-ubernahmeangebot-der-spanischen-advero-properties-fur-100-der-aktien-der-israelischen-vbare-iberian-properties-lauft-ab-302231782.html

rtp slot

rtp slot pragmatic

pragmatic play

pragmatic play

By adminn