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Depuis 1990, Mirabaud offre un large éventail de services de conseil et de courtage à un nombre croissant d'entreprises publiques et privées. Ses services comprennent le conseil, la recherche action, des services d’exécution, une expertise en marchés des capitaux ainsi que du courtage institutionnel.
Axiare
Case Study
Mirabaud and Axiare – A success story for shareholders
About Axiare
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%.
Transaction overview
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.
Mirabaud contribution and added value
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:
- The launch of a capital increase without rights (Accelerated Bookbuild Offering) of €93m in March 2017, with proceeds used for the acquisition of assets.
- Assisting Axiare in enhancing communications with the investor base and facilitating an entrance to new investors.
- Non-deal roadshows with institutional investors and active research coverage.
- Supporting Axiare in identifying real estate assets to acquire.
- During the unsolicited tender launched by Colonial, Mirabaud provided definition and execution of the strategy roadmap and support to update of the Business Plan of Axiare.
- Mirabaud assisted in the negotiation with all parties involved in the transaction.
- Submitted a fairness opinion on Colonial’s tender offer for the Axiare board of directors.
Key data
| 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 |
Case Study
Case Leader
Corporate finance
Enrique AGUADO
Head of Corporate Finance & Capital Markets