US-based global alternatives firm Cerberus Capital Management has inked a deal to buy a 92.88% stake in Optimum Re Spain which values the Barcelona-based residential specialist at €70.2 mln.
Cerberus had offered €14.05 per share for the Socimi, which is listed on Spain's alternative market (MAB), with a partially deferred payment potentially falling to €13.28 per share.
The private equity giant has now signed an irrevocable commitment to acquire the 92.88% stake from shareholders via an Irish bid vehicle. It also presented a public offer of acquisition for the remaining shares.
Optimum's largest shareholder is local entreprenuer Marc Sabe, with 14%, while BMB Cap Management holds a 7.12% stake in the firm.
The board of directors of Optimum said it did 'not have a negative opinion' about the bid, while noting that the offer represented a discount per share of 8.11% to the company's net asset value (NAV).
Optimum has a portfolio of 16 residential buildings in Barcelona, designated as rental properties. The acquisition broadens Cerberus' exposure to Spain's multifamily market, after executing over €40 bn of Spanish property deals across a range of sectors over the last decade.