The CNMV approves the going public prospectus of Metrovacesa

The CNMV approves the going public prospectus of Metrovacesa

The majority shareholders - Grupo Banco Bilbao Vizcaya Argentaria and Grupo Banco Santander - offer representative shares of up to 25.80% of the Company (39,130,435 shares), which can be extended up to a maximum of 29.67% (45,000,000 shares), in the event that the green shoe is executed (option granted to the coordination bodies) of up to 15% on the initial offer. Likewise, Metrovacesa and the current shareholders will subscribe a non-sale (lock-up) agreement for shares during the 180 days that will follow the beginning of trading on the Spanish Stock Exchanges.

The sale of shares is exclusively aimed at institutional investors and it is expected that the beginning of trading on the Madrid, Barcelona, Bilbao and Valencia Stock Exchanges will take place in early February 2018 under the "MVC" ticker.

The price range, indicative and non-binding, has been set between €18.00 and €19.50 per share, which means that it is predicted that the definitive price for awarding the securities will be fixed around February 1, 2018, after concluding the process of reception of offers that began on January 22, 2018.

Metrovacesa is the leading residential developer in Spain. Holder of the largest land portfolio among Spanish housing developers, it has a total area of 6.1 million m2, equivalent to approximately 37,500 units. As of September 30, 2017, the gross value (GAV) of this land portfolio was €2.6 billion and the net value (NAV) of €2.7 billion, according to the valuations made by CBRE Valuation Advisory and Savills.

In addition to its residential business, the Metrovacesa land portfolio is also comprised of 34 floors for commercial use of high quality that represent 27% of its GAV.

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