Realia, the real estate company controlled by Carlos Slim, has bought a 37.11% stake in Hermanos Revilla, which it did not own for 189 million euros. With this purchase, Realia's stake in the company amounts, directly and indirectly, to 87.86% of its share capital, which entails 100% control of the company, as explained yesterday the company to the CNMV.
In order to meet this payment with FCC, Realia's reference shareholder with 50% of the capital, it has lent it 120 million euros.
Hermanos Revilla's activity consists of the exploitation of real estate in the form of a lease, which accounts for all of its turnover. In the last fiscal year approved, the net amount of this turnover amounted to 26.6 million, which was obtained entirely from the leasing of real estate assets.
Realia does not have “sufficient liquidity” to cover the entire payment, so it requires financing from a third party. The company explains that after searching for different alternatives, it has signed a loan with FCC for an amount of 20 million euros, for a period of one year, extendable for another additional year. The loan will bear a 6-month Euribor interest rate plus 110 basis points.
Approval phase
As the value of the transaction is less than 10% of the total asset items according to the last consolidated balance sheet approved by the general meeting of Realia, its approval depends on the board of directors.
Hermanos Revilla owns several assets in the office segment in Paseo de la Castellana, Príncipe de Vergara, María de Molina, Serrano, Jorge Juan, Goya or Albasanz and has two locations. The company has a total assets of 294 million euros and its own funds of 218 million.
Realia, for its part, obtained a profit of 33.1 million euros in the first nine months of the year, a figure sixteen times higher than the same period in 2020 and increased its turnover by 54%, to 107 million euros. January to September.
