Brief: CTT Enters Into Sale And Purchase Agreement With Sierra Investments SGPS

CTT - Correios de Portugal SA

05/05/2023 06:04

May 5 (Reuters) - CTT Correios de Portugal SA  CTT.LS :
    * INFORMED ON THURSDAY ON ITS REAL ESTATE STRATEGY
    * ENTERS INTO A SALE AND PURCHASE OF SHARES AGREEMENT WITH
SIERRA
INVESTMENTS, SGPS, S.A.
    * AGREEMENT IS RELATED TO AN EQUITY STAKE IN CTT'S YIELD
PORTFOLIO, WHICH WILL BE CONTRIBUTED TO CTT IMO YIELD (SPV)
    * CTT'S NEW REAL ESTATE STRATEGY PURSUES A DUAL TRACK FOR
THE
OPTIMISATION OF ITS PROPERTIES, CATEGORISING THESE IN TWO
DIFFERENT CLASSES: (1) YIELD PORTFOLIO, AND (2) DEVELOPMENT
ASSETS
    * WITHIN THIS NEW STRATEGY, CTT ENTERS INTO AN SPA WITH
SIERRA,
ACCORDING TO WHICH SIERRA WILL ACQUIRE A 3.6%
EQUITY STAKE FOR €5M IN THE SPV
    * CTT IMO YIELD IS ENVISAGED TO BE CONVERTED TO A REAL
ESTATE
FIXED CAPITAL INVESTMENT COMPANY ("SICAFI")
    * UPON CONVERSION, SIERRA WILL BE APPOINTED AS THE MANAGER
OF THE
YIELD PORTFOLIO AND AS THE EXTERNAL MANAGER OF THE SICAFI
    * ALONGSIDE SIERRA'S INVESTMENT, ADDITIONAL INVESTORS, BOTH
INSTITUTIONAL AND FAMILY OFFICES, WILL ACQUIRE A STAKE OF 26.5%,
REPRESENTING AN INVESTMENT OF €37M

        
 Source text: https://bit.ly/428Jy4i
 Further company coverage:  CTT.LS  

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