Brief: CTT Completes Real Estate Transaction

CTT - Correios de Portugal SA

05/01/2024 06:24

Jan 5 (Reuters) - CTT Correios de Portugal SA  CTT.LS :
    * SAID ON THURSDAY IT COMPLETED REAL ESTATE TRANSACTION
ANNOUNCED
ON MAY 4, 2023
    * TRANSACTION CONSISTS OF TRANSFER OF CTT'S REAL ESTATE
YIELD
PORTFOLIO TO CTT IMO FIELD, CARRIED OUT ON NOV 27, 2023, AND
SALE, BY CTT, AND PURCHASE, BY SIERRA INVESTMENTS AND OTHER
INVESTORS, OF EQUITY STAKE IN CTT IMO YIELD IN ACCORDANCE WITH
SALE AND PURCHASE OF SHARES AGREEMENT EXECUTED WITH SIERRA,
WHICH TOOK PLACE ON JANUARY 4, 2024
    * MOREOVER, SIERRA WAS APPOINTED AS MANAGER OF YIELD
PORTFOLIO
    * AS PER PHASE ONE OF TRANSACTION, COMPLETED ON JANUARY 4,
CTT
SOLD, TO SIERRA AND OTHER INVESTORS, STAKE OF 26.3% OF CTT IMO
YIELD'S SHARE CAPITAL, WHICH TRANSLATED INTO RECEIVAL OF GROSS
PROCEEDS AMOUNTING TO 32.45 MILLION EUROS BY CTT
    * SECOND PHASE OF TRANSACTION IS EXPECTED TO BE CARRIED OUT
WITHIN
12 MONTHS FROM JANUARY 4
    * TOTAL PROCEEDS, INCLUDING PHASES ONE AND TWO, AMOUNT TO
ABOUT
36.1 MILLION EUROS (26.3% FINAL STAKE)
    * THIS TRANSACTION AIMS AT IMPROVING EFFICIENCY OF OPERATION
OF
CTT'S RETAIL AND LOGISTIC REAL ESTATE ASSETS; CRYSTALLISING
VALUE OF YIELD PORTFOLIO; AND IMPROVING LIQUIDITY POSITION OF
CTT
    * CTT MAINTAINS MAJORITY OF SHARE CAPITAL IN PORTFOLIO THUS
ENSURING, AS ENVISAGED, FULL CONSOLIDATION OF VEHICLE IN ITS
ACCOUNTS

        
 Source text: http://tinyurl.com/56cdmuww
 Further company coverage:  CTT.LS  

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