The takeover of Spanish REIT Lar Espana was approved by the National Securities Market Commission (CNMV) yesterday, paving the way for the deal to go through.
The offer by Helios Real Estate, a consortium made up of Hines and Grupo Lar, at €8.30 values the company at just under €695m.
[We published a research note on why we think it undervalues the company, which you can read here.]
The offer is subject to acceptance by 50% of shareholders, and is practically assured after largest shareholder Castellana Properties agreed to sell its 28.78% stake in the company Helios RE for €200m.
In addition, the offer has irrevocable agreements from Brandes Investment Partners (10.8%) and Eurosazor (0.67%).
The consortium said that it intends for Lar Espana’s shares to continue to be listed on the Spanish stock exchanges.