Cerberus to acquire Optimum Re Spain at €70.25m valuation

The firm has also made a public offer to acquire the remaining 7.12% of the company, according to press reports.

Cerberus has offered €14.05 per share for the company, payable in several instalments. In addition, the firm has made an alternative offer of £13.18 per share payable at the close of the deal.

Cerberus will make the investment through its Ireland-based vehicle Promontoria Bravo Designated Activity Company.

The manager of the REIT, BMB Cap Management, began the sale process several months ago, according to Spanish language newspaper Expansión. Cerberus made a separate offer of €14.1 per share in July 2019.

The current shareholders includes the trust’s largest shareholder businessman Marc Sabé with 14%, BMB Cap Management with 7.12%, and Antonio Gallardo Torrededía with 2%.

The company closed Monday trading at a share price of €13.3.

Previous funding
Optimum Re Spain listed on the Alternative Stock Market (MAB) of the Madrid Stock Exchange in 2016. The REIT received a capital injection of €50m in May 2016 and a further €50m in bank financing.

Company
Optimum Re Spain has a portfolio of 16 residential buildings in Barcelona, generating income from rent. The trust is based in Barcelona and was founded in 2014.

People
Optimum Re Spain – Josep Borrell (president).

Advisers
Vendor – Arcano (corporate finance).

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