MADRID (Reuters) – The National Commission Markets and Competition Friday authorized the merger between Merlin and Metrovacesa real estate, which will lead to the establishment of a new leader in real estate in Spain.
Among the arguments that shuffles the regulator include the fragmentation of the rental market for offices, called the property business, which according to the CNMC shows that there are no significant barriers to entry to this market.
Merlin and Metrovacesa, controlled by Santander, announced their merger two months ago and have called for its shareholders for paths together next September 15 to approve the operation.
the activity of new real estate leader will focus on two companies, one with residential assets and another with heritage with sets of 4,927 million euros net assets, which generate annual gross income of 450 million euros.
for the constitution of the new group, Metrovacesa will bring all its tertiary and residential assets valued at about 2,110 million euros. In return, shareholders of Metrovacesa – Santander, BBVA and Popular – get about 32 percent of capital in the Merlin group
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