Euro Cervantes SOCIMI, S.A. completed the acquisition of 48.9% Stake in Unibail Rodamco Steam S.L. and 48.9% Stake in Proyectos Inmobiliarios Time Blue, S.L.
December 18, 2016
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Euro Cervantes SOCIMI, S.A.U. (BME:YEUR) agreed to acquire 48.9% Stake in Unibail Rodamco Steam S.L. and 48.9% Stake in Proyectos Inmobiliarios Time Blue, S.L. for €200 million on November 28, 2016. Euro Cervantes SOCIMI expects to finance the acquisition via a loan granted by a related entity. Ernst & Young S.L. acted as accountant to Euro.
Euro Cervantes SOCIMI, S.A. (BME:YEUR) completed the acquisition of 48.9% Stake in Unibail Rodamco Steam S.L. and 48.9% Stake in Proyectos Inmobiliarios Time Blue, S.L. on December 19, 2016. The acquisition of the stake in the capital of Unibail Rodamco Steam, S.L.U. amounted to €201 million, while the stake in capital Proyectos Inmobiliarios Time Blue, S.L.U. was worth €0.2 million. These acquisitions were funded through a loan amounting to €201.2 million at an annual fixed interest rate of 8.1% maturing in December 2021 received from New Tower Real Estate, B.V. Clifford Chance acted as legal advisor for Unibail Rodamco Steam.
Euro Cervantes SOCIMI SA, formerly Bompietro Investments SA, is a Spain-based company engaged in the commercial real estate investment trust (REIT) operation. The Company focuses on acquisition, development and rehabilitation of urban real estate for rental. The Company holds a stake in GMP Property SOCIMI SA (GMP), a REIT, which specializes in the land acquisition and management, property promotion, as well as real estate development, administration and leasing. GMP investment focus aims at non-residential properties, such as offices, business parks, shopping centers, parking lots and commercial premises, which are located in various Spanish cities, including Madrid, Valencia and Alicante.
Euro Cervantes SOCIMI, S.A. completed the acquisition of 48.9% Stake in Unibail Rodamco Steam S.L. and 48.9% Stake in Proyectos Inmobiliarios Time Blue, S.L.