04/04/2007
The “Servicio de Defensa de la Competencia” (Monopolies Commission equivalent), has authorised the acquisition of Grupo Sando of 100% of the share capital of the real estate company.
The Sando Group and the AGOFER have agreed to the acquisition of 100% of the share capital of the Agofer real estate company for 220 million Euros. The Monopolies Commission having approved the operation, all the legal procedures contemplated in the purchase-sale contact have been completed.
AGOFER and all its subsidiary companies now form part of the GRUPO SANDO. The two structures have been merged, and in this way the entire real estate activity is now managed as a real estate division of SANDO.
Similarly, the entire building activity has been merged with the Sando Group building division.
After having carried out a study and analysis, the full compatibility of both organisations has been confirmed, as in general they operate in completely different geographical areas. The joint operation will allow a wide range of synergy, in such a way as an increase in operations is anticipated higher than that of the two organisations working separately.
After having acquired Agofer, Sando has increased its land portfolio to more than 8 million square metres available for building, allowing the development of more than 25,000 homes in the Madrid, Barcelona, Andalusia, East Coast , Murcia and Polish markets.
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