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Obrascon Huarte Lain (96BW)

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Wednesday 10 October, 2018

Obrascon Huarte Lain

Sale agreement for Mayakoba City

RNS Number : 6606D
Obrascon Huarte Lain, S.A.
10 October 2018
 

London Stock Exchange

Madrid, October 10th of 2018

 

Ref.: Sale agreement for Mayakoba City

 

Dear Sirs,

 

The company, OBRASCON HUARTE LAIN, S.A. (OHL), in compliance with current legislation, hereby reports the following:

 

Significant Event

 

OHLDM, S.A. de C.V. and Huaribe, S.A. de C.V., Mexican entities fully owned by OHL, have signed a sale agreement with Operadora Lakahn, S.A. de C.V., a company owned by BK Partners, for the acquisition by the former of the shares of certain entities, lands and rights in relation to the urban development project known as "Mayakoba City" (the "Transaction").

The price of the Transaction is 2.122,7 million Mexican Pesos (approximately 96,9 million Euros) to be paid at closing, subject to the calculation of certain adjustments, upwards or downwards, included in the contract and once certain conditions precedent customary to this type of deals, including the authorization of Comisión Federal de Competencia Económica, are met.

The closing of the Transaction is estimated to occur before December 31st 2018 and will contribute an estimated net cash amount of 1.929,9 million Mexican Pesos (approximately 88,1 million Euros) and an estimated loss of approximately 35,8 million Euros.

The Transaction is part of the asset divestment plan approved by the Company, included in its Business Plan, and implies a full exit from the Mexican real estate market, providing a cash inflow that contributes to the reinforcement of its solid financial position, to consolidate its recurrent business.

 

Yours faithfully,

 

 

José María del Cuvillo Pemán
Secretary of the Board of Directors

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