The Colonial Board approves the capital increase of 622 million subscribed by CriteriaCaixa

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Colonial shareholders have approved today by a large majority, with 98.74% votes in favor at the Extraordinary General Meeting, the unanimous proposal of the Board of Directors to increase capital by 622 million euros to «accelerate the company's value generation plans through contributions in cash and assets made by CriteriaCaixa,» the firm highlighted in a statement. With this expansion, CriteriaCaixa joins the company's group of reference shareholders: CriteriaCaixa (17%), Qatar Investment Authority (16%), Finaccess (13%) Puig (7%) and Santo Domingo (6%), in approximate ranges. In this way, Colonial increases its capital – fully subscribed by CriteriaCaixa – by nominal amount of 219,322,625 euros through the issuance and putting into circulation of 87,729,050 new ordinary shares of 2.5 euros of unit nominal value, of the same class and series as those currently in circulation. Added to this is an issue premium over the listing price of 4.5954 euros per share contributed by CriteriaCaixa, which raises the total effective amount to 622,473,000 eurosagainst delivery of monetary contributions for an effective amount of 350 million, as well as contribution of eight office and residential properties in Spain for 272,473,000 euros, according to their appraisal value as of December 31, 2023. The assets of CriteriaCaixa They come from the portfolio of its subsidiary InmoCaixa and are three office buildings in Madrid and Barcelona, ​​with a total of more than 20,000 square meters., and five other residential buildings on a rental basis. These assets «are in line with Colonial's urban regeneration strategy and represent an immediate contribution of cash flow,» highlights the firm. «With this operation we create value for our shareholders and at the same time we strengthen our capital structure and financial flexibility, including reducing leverage«he stated Pere Vinolas, CEO of Colonial. According to Juan José Brugerapresident of Colonial, «the incorporation of CriteriaCaixa as a reference shareholder adds an institutional investor with a long-term vision which allows the generation of value to be promoted through new investment projects». The Board has also approved the expansion of the board of directors to 14 members, with the incorporation of two proprietary directors at the proposal of CriteriaCaixa: Elena Salgado and Felipe Matías Caviedes.