Milan, 1st March 2019 – Today, DeA Capital S.p.A., as part of its strategy to strengthen its Alternative Asset Management platform, completed the purchase of around 6% of DeA Capital Real Estate SGR from Fondazione Cassa di Risparmio della Spezia, thereby increasing its holding in the latter to 100%. The consideration paid for the acquisition totalled EUR 8.0 million, in line with the company’s share of the book value of shareholders’ equity of DeA Capital Real Estate SGR, financed by DeA Capital S.p.A. through the disposal of n. 5,174,172 treasury shares (1.7% of the current share capital); the purchase also includes a maximum earn-out of EUR 0.9 million, subject to the achievement by the asset management company of set targets for obtaining new managed assets over the three-year period 2019-2021.
The DeA Capital shares, owned by Fondazione Cassa di Risparmio della Spezia after the transaction, are subject to a six month lock-up period.
Paolo Ceretti, CEO of DeA Capital S.p.A., said, “Following this transaction DeA Capital owns 100% of its Alternative Asset Management platform in Italy, preparing the ground for an increasing operational and strategic flexibility, also in consideration of the platform’s recent international development. Regarding the latter we have recently finalized the establishment of a real estate company in Spain, following the launch of similar activities in France at the end of 2018”.