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Obrascon Huarte Lain to Sell Mayakoba City Real Estate Project
Friday 12 October 2018

12 October 2018 - Spanish construction and civil engineering group Obrascon Huarte Lain, S.A.'s Mexico-based OHLDM, S.A. de C.V. and Huaribe, S.A. de C.V. subsidiaries 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 group said.

The price of the transaction is MXP 2.122m (USD 112m) 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 m Mexican Pesos (approximately EUR 88.1m) and an estimated loss of approximately EUR 35.8m.

Obrascon Huarte Lain said 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.
Details
Date Published: 12/10/2018
Target: Mayakoba City
Country: Mexico
Deal Size: 112m (USD)
Sector: Construction/Real Estate
Type: Divestment
Financing: Cash
Status: Agreed
Vendor: Obrascon Huarte Lain (OHLDM and Huaribe)
Buyer: BK Partners (Operadora Lakahn, S.A. de C.V.)
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