The FCC business group -controlled by Mexican tycoon Carlos Slim- has agreed to reorganise its real estate business by purchasing from companies linked to Slim himself 12.19% of the share capital of Realia, a real estate company also controlled by him, for 105 million euros and 5.934% of the shares of Metrovacesa, in which Slim himself held 21% until this transaction.
According to the company’s statement to the Spanish Securities and Exchange Commission (CNMV) on Thursday, the average purchase price of the Realia shares is 1.05 euros per share and 8.20 euros in the case of Metrovacesa.
The purchases of the stakes in the aforementioned real estate companies were made from Soinmob, a company chaired by Alfonso Salem Slim, and CEC, the group through which Slim holds his stake in FCC.
Both operations took place within FCC, without resorting to external financing, and outside the market. The movements simply lead to a change in the ownership of the share capital of Realia and Metrovacesa.
The audit report of the FCC group gives the green light to the operation to transfer shares of Realia and Metrovacesa in the hands of companies owned by Slim, who is also the largest shareholder of the construction group.
The group’s audit report concludes that the purchases are reasonable for FCC and shareholders other than those linked to Carlos Slim due to the “strengthening and consolidation” of FCC’s real estate division and its competitive profile.
It adds that this facilitates the emergence of greater value in the FCC group’s real estate business and greater management efficiency.
In addition, it reinforces the management efficiency derived from the operational and financial synergies between the companies integrated in the conglomerate headed by Slim.
FCC strengthens its control position in Realia as well as its ability to participate in the strategic definition of the activities, which will facilitate possible corporate decisions that create value for the group.
In addition, the Spanish entity improves its presence in the housing sector and contributes to consolidating a solid, large-scale real estate group, as FCC also has a 15.26% stake in Metrovacesa and 100% of the company Jezzine Uno, dedicated to leasing real estate to CaixaBank, with a framework contract that runs until 2037.