The Belgian real estate investment fund Xior Student Housing, specialized in student housing in Belgium, the Netherlands, Spain and Portugal, has launched a voluntary takeover bid (OPA) on the Spanish student housing Socimi Student Properties Spain (SPS) for a maximum of 58.4 million euros, according to the information sent this Monday to the Spanish market BME Growth.
The offer, launched for 100% of the Socimi's shares, is subject to Xior obtaining control of more than 95% of the outstanding shares and votes of SPS. At the moment, about 90% of the Socimi's outstanding shares have irrevocably committed to accept the offer.
The offer price is up to 2.3417 euros in cash per share, of which 2.1042 euros will be paid in the settlement of the OPA and up to 0.2375 euros will be retained by Xior as collateral to cover certain contingencies. The price offered by the Belgian fund for each SPS share is 51% higher than that registered at the close of the BME Growth market last Friday (1.5500 euros).