Castellana Properties Socimi, S.A. (BME:YCPS) agreed to acquire 21.7% stake in Lar España Real Estate SOCIMI, S.A. (BME:LRE) from LVS II Lux XII S.à r.l. for 97.1 million on January 27, 2022. Castellana will purchase 18.2 million Lar Espana shares at price of 5.35 per share. Castellana will fund the purchase out of 15 million of available cash and the balance through a shareholder loan of 75 million from Vukile, which will be capitalized before the end of the current financial year ending 31 March 2022 at a price equal to the NAV per share of Castellana.
The closing date of the sale and purchase of the subject shares will be January 26, 2022. Vukile forecasts a positive impact on FFO per Vukile share for FY2022 as a result of the transaction and a material positive total return impact in the medium to long-term.