Since 1990 Mirabaud has offered a wide range of services for public and private companies. Its services include equity research, capital markets, corporate advisory as well as institutional brokerage.
Axiare was a SOCIMI (Spanish REIT) listed in the Spanish stock exchange.
The Company was focused on investing, acquiring, owning, operating and renting prime offices, logistics and retail properties with upside potential through active management and a value-added strategy, primarily in Madrid and Barcelona.
The business was managed internally with a dedicated and experienced management team targeted an annual average shareholder return rate of 15%.
In 2016, Colonial, a competitor REIT, acquired a 15.09% equity stake in Axiare through a block trade. Subsequently, the company called on Mirabaud to help maximise the share price in light of a potential hostile take-over by Colonial. Mirabaud oversaw a range of initiatives to achieve a 64% share price rise in Axiare by the eventual take-over bid for the entire Company in 2018.
This included a €93m accelerated bookbuild offering (ABO) in 2017, a €1,452m take-over defence between 2017-2018 and finally a fairness opinion to Axiare’s Board of Directors.
We are very proud to have assisted Axiare with this transaction, one of the largest acquisitions of a Spanish REIT, €1,452 million. Working with Axiare in defining and executing the strategy to maximise its value as a result of Colonial’s unsolicited take-over bid (one of the very few launched in Spain) has been a challenge where Mirabaud’s team played to its strengths as a leading financial advisor for the real estate market, achieving a share price increase of 64% in Axiare.
When Colonial acquired a significant stake in Axiare in 2016, Mirabaud was called in to assist in maximising the share price.
Since Colonial’s first acquisition of an equity stake in Axiare in October 2016, Mirabaud Advisors assisted in maximising the Axiare share price. The result saw the share price rise by 64%.
Mirabaud led initiatives included:
|Company||Axiare (Spanish REIT focused on acquiring and operating offices, logistics and retail)|
|Transaction type||Accelerated bookbuild offering, takeover defence and fairness opinion|
|Financing||€93m and €1,452m|
|Mirabaud Role||Global Coordinator (ABO) and Financial Advisor|
Head of Corporate Finance & Capital Markets