The American fund Lone Star has detached 27% of the share capital of Neinor Homes, which is an additional 35% over the initially planned percentage, for an amount of 394.63 million euros, at the rate of 18.5 euros per share, as reported to the National Securities Market Commission (CNMV).
The transaction, which has been made through an accelerated placement, has been closed with a discount of 3.89% compared to the price at which the Neinor shares closed recently(€ 19.25).
This is the first disinvestment that the North American fund makes of the participation of around 40% with which it remained in Neinor after placing the remaining 60% with the company's listing on the stock market last March.
After this new sale of shares, Lone Star will reduce its control stake in the company directed by Juan Velayos to 13%.
In the real estate capital that the fund constituted in 2015 with the real estate assets that it bought from KutxaBank, there are also other institutional investors such as Fidelity, with 6.8%, Adar Capital Partners or Invesco (2.3%).
The entrepreneur Juan Abelló has also opted for Neinor, in which he has invested, through his sicav, some 7.3 million euros, equivalent to around 0.5% of his capital.
As for Lone Star, under the operation, it has sold through an accelerated placement, aimed at institutional and qualified investors, a package of 21.33 million shares of Neinor, representing 27% of its capital stock.
Lone Star deals with a new divestment in Neinor when the company's securities accumulate a revaluation of 17% since its debut on the stock exchange.
The real estate concluded the session of the market to 19,250 euros per share against the price of 16.46 euros per share to which the firm starred on March 29 the first IPO of a property developer in a decade.
The above article was translated from Spanish into English. Read original article here