The company intends to apply for admission of the shares to listing on the Madrid, Barcelona, Bilbao and Valencia stock exchanges, and on the Automated Quotation System of the Spanish stock exchanges.
The offering (IPO) will comprise an offering of exhisting shares by the company’s current majority shareholders, Banco Santander and Banco Bilbao Vizcaya Argentaria, and certain of their respective subsidiaries.
Jorge Perez de Leza, CEO of Metrovacesa, said «we are extremely excited to bring Metrovacesa to market. A company with 100 years of history that, with a unique and high quality portfolio of €2.6bn of Gross Asset Value and a potential to deliver more than 37,500 homes, is the largest homebuilder in Spain. We believe that it is the right time in the cycle to be long in land as it provides unique visibility of future profitability and the ability to generate a significant amount of cash flow that can be returned to shareholders in the coming years. We have all the elements in place to ensure a successful execution including a fantastic, committed and highly experienced management team and all the support from our core shareholders».
Further details of the intended Offering will be included in the prospectus to be approved by the CNMV in connection with the Offering and the Admission. This approval process is ongoing.