The real estate promoter Metrovacesa, participated by Santander (70.3%) and BBVA (29.64%), confirmed yesterday officially that will be released through placement of shares between institutional investors. The company, which brings toger a soil portfolio of 6.1 million square meters, equivalent to 37,500 residential units, estimates that gross value of those assets is 2.6 billion. And advances that gross business expected to build se houses amounts to 11.7 billion, according to estimate of consultancy CBRE.
Metrovacesa not concrete Yet how many of shares of Santander and BBVA will be put on offer in return of company to stock market. The real estate developer stopped quoting in 2013 when financial institutions refinanced ir debt and took control. The company that will return to Bolsa is different from that quoted in 2013, since in October of 2016 it crossed its patrimonial business to Merlin and its portfolio of houses finished with Testa, remaining with portfolio of soil and works in progress.
In previous announcement, sent to National Securities Market Commission (CNMV), Metrovacesa indicated that, in addition to allowing Santander and BBVA to make profitable ir investment in society, it also hopes to expand its shareholder base and improve market access of capital, including debt instruments, to finance ir growth plans.More information
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The shareholders ' meeting of Metrovacesa approved on December 19 return of company to Bolsa. As company said yesterday, process of approving offer brochure and its admission, which will include additional details, are underway 5,000 homes per year.
According to last valuation, residential land portfolio on property had a gross value of 1.9 billion euros, 73% of total soils, of which 1.3 billion were finalist (soil already ready to apply for works license). The rest of assets correspond to tertiary-use soil. The company's goal is to develop residential land to reach a housing delivery rate of between 4,500 and 5,000 units per year, a cruising speed expected to achieve in 2021.
67% of its soil portfolio is in large cities, such as Madrid, Barcelona, Malaga, Valencia or Sevilla, 20% in tourist destinations and 13% in smaller locations. It also has 34 land for commercial use (mainly offices) that represent 27% of gross value of all its land, mainly in Madrid and Barcelona.