The company has decided to postpone the transaction until the takeover bid is completed, that the US fund Blackstone has launched on Hispania, a hotel socimi developed by Azora, currently entrusted with the management of these assets.
The "uncertainty" that this operation generates in the business plan with which Azora intended to debut has led its owners and managers to consider it more appropriate to postpone the placement, according to the company.
"Azora has decided to stop the public offer for subscription and postpone its process of admission to trading on the stock exchange, in response to uncertainties about the future of Hispania arising from the public offering announced by Blackstone and its potential impact on the business plan intended for Azora and, therefore, in the placement process," said the company in an event to the National Securities Market Commission (CNMV).
Currently, Blackstone's takeover bid of Hispania is pending approval by the CNMV. This is an operation valued at €1,905 million, with which the fund will become the first owner of hotels in the country.
Blackstone made the offer after becoming the first shareholder of Hispania by buying the 16.5% that George Soros had in this company. However, the company considered it hostile and announced initiatives to find alternatives that would create greater value.
Azora was going to debut on the market with a public offer of new shares (OPS) worth between €455 and €500 million, which would mean placing on the market up to 65% of the capital resulting from the expansion.
With its postponed IPO, the company expects to strengthen its balance sheet and invest in opportunities that ensures to have identified in the segment of tourist accommodation and rental housing.