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COLONIAL: CONFERENCE CALL ON ASSET SALES (ANÁLISIS BANCO SABADELL)

The company has given further details on the asset sales worth € 413 M (around 3% of GAV) announced this morning:
 In total, 5 assets have been sold, 2 in Paris and3 in Spain. In all the cases the deals have been carried out above the appraisal value.
 The rationale behind the divestitures is to reduce leverage and remove from the portfolio those assets with worse fit, less prime.
 France. The assets have been sold at a +16% premium v. the pre Covid-19 appraisal (Dic’19).
 Spain. The assets have been sold at a +11% premium v. the pre Covid-19 appraisal (Dic’19), bearing in mind the office portfolio alone (also including one retail asset from Axaire) the premium would be +13%.
 LTV. Most of the funds will be earmarked to reduce debt, and thus the leverage falls by -150bps in LTV to