Segregation of real estate business

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Investors information

Demerger by segregation of real estate business division and disposal of 51 percent of share capital

Ortiz Construcciones y Proyectos, S.A. has fulfilled the demerger by segregation of its Real Estate Business Division. The demerger project has involved splitting the company Agrícola El Casar S.L.U. (AGRICASA) in two companies by activity branch, which has led to the incorporation of the following two new companies:   

 

  • Aldigavia S.L.U. (ALDIGAVIA), which comprises assets from subsidized housing projects under a leasing with an option to purchase regime (in Spanish, Viviendas de Protección Pública para Arrendamiento con Opción de Compra or VPPAOC).
  • Aldigavia Oficinas S.L.U. (ALDIGAVIA OFICINAS), which comprises assets from the office building at La Gavia Business Complex as well as the Aldi supermaket in the town of El Casar, in the province of Guadalajara.

 

Last 19 December, Ortiz Construcciones y Proyectos signed two Sale Purchase Agreements in virtue of which 51 percent of the share capital of ALDIGAVIA and ALDIGAVIA OFICINAS was sold to the British investor group Rubicon. This operation reduces the financial net debt of the issuer to 68,1 million euros.

 

This operation falls within the limits established in the Information Document of the Bond Issue and has been carried out in strict compliance with requirements established in Sections 4 and 5.5. of the Legal Terms and Conditions for the Issue and refer, respectively, to Personal Guarantees of the Issue and to limitations applying to asset disposal. Shares have been issued at a reasonable market price, according to the conditions set out in the aforementioned Section 5.5 of the Information Document.

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