- The operation was contemplated in the agreement reached by both companies in 2020, when Merlin Properties became a shareholder of SILICIUS, and detailed in the incorporation document to BME Growth
Madrid, July 28, 2022.
SILICIUS Real Estate, a SOCIMI specializing in long-term property management with stable income, today announced the purchase of 50% of the shares that Merlin Properties held in the company itself, for an amount of 81 million euros, corresponding to a price of 15.70 euros/share.
This operation involves the execution of the liquidity commitment in favour of Merlin Properties, which both companies agreed to in 2020, when Merlin became a shareholder of SILICIUS through a non-monetary contribution. This mechanism is detailed in the Informative Document of Incorporation to the trading segment of BME Growth of BME MTF Equity.
The funds necessary for the acquisition of 50% of the shares of Merlin Properties have been obtained from the novation of various bank loans to increase the available principal under the same parameters, as well as from the subscription of various alternative financing instruments and the Company’s available cash.
After the operation, the share capital of SILICIUS has been reduced by 5.16 million euros, through the redemption of 5.16 million shares owned by Merlin, with a normal value of 1 euro each, and representing approximately 14.28% of the company’s share capital. The resulting share capital is 30.95 million euros, divided into 30.9 million shares, each with a nominal value of one euro.
The general director of SILICIUS Real Estate, Juan Diaz de Bustamante, explained that “the execution of the liquidity mechanism is part of the agreement that we reached with Merlin Properties in 2020, and that we detailed in the Informative Document of Incorporation itself for incorporation into BME Growth, without this operation conditioning our strategic growth plan, which is aimed at continuing to strengthen and diversify our asset portfolio”.
Once the share purchase operation has been executed, SILICIUS’s strategy is to continue growing in real estate through monetary and non-monetary contributions with new investors, as well as the rotation of non-strategic assets to reduce the level of debt to levels below 30%. of LTV.
