Setting course for investments in logistics, amounting to 500 million euros, is Prodea after the entry of a new investment scheme into the REIC which is connected to the listed company's main shareholder.
The day before yesterday, a new strategic partnership was announced with Invel Real Estate, through Invel's fund Eudora Fund 2, and LGT Capital Partners, an international alternative investments manager, which will acquire 49% of Prodea's logistics portfolio for 31 million euros.
The existing portfolio of the platform includes approximately 130,000 sq.m. of fully leased high-specification logistics spaces, ensuring a significant market presence and stable cash flows, through a diversified base of reliable tenants.
At the same time, the development plan includes projects with a total area of more than 140,000 sq.m., which are expected to be delivered gradually by the end of 2027.
How the deal was made
For months Prodea had been negotiating the deal, which is estimated to give it a lead in the logistics sector. It concerns the conclusion of a Share Purchase Agreement, with the buyers being the companies Invel Investments Cyprus Ltd (IICL, a subsidiary of Invel Eudora Fund II) with a participation rate of 30.35% in the logistics platform and LGT Capital Partners, with a participation rate of 18.65%.
It is noted that Invel Eudora Fund 2 is connected to Prodea's main shareholder, Invel. Thus, in the coming days Prodea is expected to post on GEMI a fairness opinion regarding the agreement.
This is an opinion by an independent advisor, which examines whether the transaction and the consideration are financially fair, in accordance with market terms.
The net consideration at 30.5 million euros
The consideration will be calculated based on a value of 151.9 million euros for 100% of the underlying properties of the transaction, without taking into account loan and other liabilities, adjusted proportionally to the total participation percentage of 49%, which is the subject of the sale, as well as based on the assets and liabilities that are usually taken into account in transactions of this kind.
Prodea is expected to receive a net consideration of 30.5 million euros. The listed company will continue to manage and develop the logistics real estate portfolio, leveraging the experience and expertise it has in this specific sector.