Recently, Metrovacesa began the process to go public on the Stock Market, in what will be the first introduction onto the market of the year and the third of a real estate developer since the Spanish economic crisis.
The company will enter the market with a portfolio of land valued at 2,600 million euros, through a sale of shares by its two shareholders, Santander and BBVA, which currently control 70% and 30% of their capital, respectively, according to the previous announcement of the transaction sent to the National Securities Market Commission (CNMV).
These banks did not specify the percentage of the company they will place on the market, an operation with which they seek to "monetize" their investment in real estate, in addition to "expanding their shareholder base and improving access to capital markets and financing."
Metrovacesa will thus star in the first one-year IPO that will be marked by the premieres of companies in the sector, given that in the coming months it is also expected that the promoter Vía Célere and the socimi of apartments for rent Testa Residencial will start trading.
Metrovacesa will also be the third real estate developer that jumps onto the market after the economic crisis, after Neinor Homes and Aedas Homes. In the case of the company headed by Jorge Pérez de Leza, it will do so after its two shareholder banks relaunched the business of construction and sale of homes with which Metrovacesa remained after selling its assets portfolio to Merlin Properties.
Thus, Metrovacesa will go on the market with a land portfolio of 6.1 million square meters of land, valued at some 2,600 million euros, which, according to their data, has made it one of the largest landowners in the country. These lands, spread over 31 provinces, will allow the construction of 37,500 new homes.
Part of this land portfolio has also been injected in the last year by Santander and BBVA through two non-monetary capital increases amounting to 1,424 million euros. From these lands, the company is addressing a business plan, which is currently in full "phase of acceleration", with "more than 2,300" homes on promotion, a volume that will increase to between 4,000 and 5,000 new annual flats in the next exercises.
The above article was written and published in Spanish and has been translated into English. Click here to read the original article.