The Santo Domingo family sells its 5% in Colonial for 165 million, below the market value

The sale occurred at 5.23 euros per share, compared to the 5.51 euros at which the SOCIMI’s share closed on the stock market this Thursday.

Nov. 22 () –

The Colombian Santo Domingo family has sold, through Deutsche Bank, its 5% stake in Inmobiliaria Colonial for an amount of 165 million euros, below the almost 174 million that its share package would cost at market prices.

Specifically, as the company reported this Friday to the National Securities Market Commission (CNMV), the sale of the 31.55 million Colonial shares in the hands of the Santo Domingo family was carried out at 5.23 euros per share, compared to the price of 5.51 euros with which the SOCIMI’s share closed this Thursday, which represents a discount of 5.1%.

With the sale of its stake in Colonial, this Colombian family leaves Colonial after more than 10 years of presence in the SOCIMI.

The operation has been carried out through an accelerated placement among institutional investors of the 31,558,544 titles owned by the Santo Domingo family, representing approximately 5% of the company’s common shares.

Once the operation is settled, which is expected to occur on Friday, November 29, the Santo Domingo family will not hold any residual interest in Colonial, which will not receive income from this sale.

According to Forbes, the Santo Domingos are the richest family in Colombia, with businesses in industry, transportation, media, entertainment, commerce and renewable energy.

In 2014, through its company Aguila LTD, it acquired 3% of Colonial (which was not yet a SOCIMI) for 11.5 million euros and committed 100 million through a capital increase focused, at that time, on cut your debt and recapitalize.

In recent days, Colonial has been at the center of news due to the agreement reached by PSOE and Sumar last week to eliminate the socimis regime, as it has lower taxation.

However, the agreement had to be endorsed in Congress and, in the end, it did not receive the green light. The SOCIMI has already recovered everything it lost on the Stock Market due to the negative effect that this agreement had on its price.

The departure of the Santo Domingos also occurs a few months after the increase in the stake led by Criteria Caixa in Colonial, which in May went from 3% to the current 17%, through an increase of 350 million euros and a contribution of 8 properties.