Colonial increases its capital by 622 million with the help of Criteria Caixa, whose share reaches 17%.

Colonial accelerates investment with Criteria Caixa. SOCIMI received a capital increase of 622 million euros from the financial institution.which will provide €350 million in liquidity and €272 million in assets through eight office properties and living room in Spain. Criteria Caixa thus becomes Colonial’s main shareholder with 17% of the shares.

The price per share resulting from the capital increase is equivalent to a pre-dividend price of €7.1.. The operation was unanimously approved by the Colonial Council. Criteria’s asset contribution comes from the portfolio of its subsidiary InmoCaixa and consists of three office buildings in Madrid and Barcelona totaling more than 20,000 square meters, as well as a further five residential buildings for rent.

Colonial President Juan José Bruguera noted that “this operation allows us to accelerate growth and value creation through new investment projects and an improved capital structure, which will open up new business opportunities.” For his part, Pere Viñolas, CEO of the company, emphasizes that “Colonial is stronger today in its fundamentals. We are creating value for our shareholders while also deleveraging while strengthening our capital structure and financial flexibility.”

Criteria will lease eight properties: three office buildings and a further five residential buildings.

Colonial too getting ready to launch a new one pipeline developments with 385 million euros of investment from capital investments, as part of the new Alpha X project, with a deleveraging profitability of more than 9%. It will transform four assets in Paris, Madrid and Barcelona totaling more than 110,000 square meters and generate additional annual revenues of €64 million.

In addition to accelerating your investment plan, Colonial will lower its debt ratio credit for evaluation (LTV) from 39.9% to 36.2%and will have greater financial flexibility to seize opportunities for new acquisitions and take advantage of the recovery in the European property cycle.