€2.0 billion public offer for Spanish Axiare Financial adviser to Colonial
- Colonial, a Spanish listed office company, has successfully taken over Axiare Real Estate, which is also a listed Spanish real estate company
- Colonial paid an implied price of €2.0 billion for Axiare's portfolio
- The combined portfolio of Colonial post transaction totals more than €10 billion, making Colonial the second largest office company in Europe
- Colonial ensures its control of Axiare with a 87% stake after acquiring an additional 13% stake (pre-takeover launch) and creates a European office giant
- The offer is at €18.50 per share, representing a premium of 13% over the spot price and 21% over last reported NAV (as of June 2017)
- Kempen acted as financial adviser to Colonial in the €2.0 billion takeover of Axiare which was completed in February 2018
- Kempen was also bookrunner in the €416 million equity issue of Colonial in December 2017
The Colonial Group is a leading real estate company in the quality offices market in the Eurozone. It is one of the leading office operators in the Spanish and European real estate market. The Group has a property portfolio of more than one million sqm of GLA and more than €8.6bn assets under management. The company has a clear rental commitment centred around the operation and development of buildings for rent and a prominent presence in the rental business of quality offices in prime areas of Paris, Madrid and Barcelona.
Axiare is a real estate company which has been listed on the Madrid Stock Exchange since July 9, 2014 and is one of the oldest SOCIMI's in the Spanish market. Axaire's €1.7 billion portfolio consists of 70% offices, 20% logistics platforms and 10% other commercial assets. The company’s geographical focus is Madrid, in which c.80% of its portfolio is located.