the consortium > Antin Infrastructures- Icamap-BG Asset Management (Borletti Group) has put into the pot well 953 million euro and has thus won GS Retail , beating the bids of the other three groups selected from Large stations to enter the final stage of the race to win the management company of the commercial spaces of the main Italian railway stations (download the press release here).
I have informed yesterday the shareholders of Grandi Stazioni, State Railways and Eurostazioni ( Edition Ltd , Vianini works, Pirelli and SNCF ), after opening the envelopes in the presence of the advisor Rothschild and the managing director of Great stations Paul Gallo , stating that the final auction stage had arrived the consortium Altarea-APG-Predica , and fund Lone Star and Deutsche Asset Management . The price of 953 million, is much higher figures that circulated three months ago, at the time of non-binding offers, which were located between 700 and 800 million euro (see other article of BeBeez ) and much higher in the final stage of the bids received from the other three suitors: as reported today by MF-Milano Finanza , Altarea has offered 806,500,000, Lone Star 800 million and Deutsche Bank 744 , 5 million.
the process of disposing of Large Retail stations began last November and saw the participation of important companies worldwide industrial and financial; the first phase of the offer examination was attended by over 60 investors; 17 groups have submitted expression of interest; the next step 9 groupings presented their non-binding offer; Finally 5 groups took part in the management and presentation to the data room after they had been selected seven (see other article of BeBeez and press release).
The conclusion of the procedure It will take place with the approval of the boards of the two shareholders, to be followed by the corporate spin-off transaction and the subsequent transfer of the shares. Gianni Origoni Grippo & amp; Partners and Legance were the legal advisor of the sellers for the operation, the firm Tremonti and study Leaf and Cisternino were tax advisor. Leonardo & amp; Co.-Houlihan Lokey has added buyers financially, while legally were supported by Gatti Pavesi Bianchi, BonelliErede and Cerina.
The first three months of 2016 registered a further growth the business of GS Retail and group Large stations. The first quarter is in fact closed with operating revenues of 55.4 million euro, an increase of over 7.0 million (+ 15%) compared to the same period of 2015. The leasing of redeveloped areas has led to an increase in revenues by more than 9% over the same period in 2015 increasing from 24.4 million to 26.7 million. Exemplary the station of Florence Santa Maria Novella that from the first quarter of this year is “sold out” with 100% of the commercial and made income or assigned spaces, as is done substantially in the stations of Rome Termini and Milan Central.
While the consolidated EBITDA therefore rose to 13.6 million euro, an increase of more than 3.3 million from the first quarter of 2015 (+ 32%), however, compared to a negative net financial position to 198.5 million euro, an increase compared to December 2015, typical increase in the 1st quarter of the year, with a ratio debt / own 1,15volte means.
the 2015 budget is it was closed for Large stations with consolidated operating revenues of approximately 231 million euro, an increase of more than 21 million (+ 10%) compared to 2014, driven by rental income. In 2015 the opening of new stores had a significant increase, tripling that of 2014, while the new meters more than doubled eranp paintings, again compared to 2014. In 2015, 146 stores were opened (50 in 2014) while they were approximately 15,000 square meters made income, compared to 6,000 in 2014. at December 31, 2015 consolidated revenues from leasing amounted to 107 million euro, up by 7% compared to the 100 million euro recorded in 2014. as for profitability, consolidated EBITDA was in line with 2014 results at an altitude of 58 million euro, while net financial debt rose to 187 million from 154 million the year before.
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