Announcement • Jul 08
Vitruvio Real Estate SOCIMI, S.A. (BME:YVIT) completed the acquisition of Mercal Inmuebles Socimi, S.A. (BME:YMEI). Vitruvio Real Estate SOCIMI, S.A. (BME:YVIT) agreed to acquire Mercal Inmuebles Socimi, S.A. (BME:YMEI) for €41.4 million on March 25, 2025. For the purposes of the Merger's exchange ratio, the price has been set at €15.60 per Vitruvio share, corresponding to the net asset value as of December 31, 2024. In the case of Mercal, the price has been set at €47.48 per share. As part of acquisition, 2.8 million shares will be issued.
The transaction is subject to approval of offer by Vitruvio Real Estate SOCIMI and Mercal Inmuebles Socimi shareholders and favorable outcome of the due diligence process.
Vitruvio Real Estate SOCIMI, S.A. (BME:YVIT) completed the acquisition of Mercal Inmuebles Socimi, S.A. (BME:YMEI) on July 7, 2025.The merger agreement has been approved under the terms set forth in the joint merger plan signed and approved by the governing bodies of Vitruvio and Mercalon on April 14, 2025. The shareholders of Vitruvio and Mercalon has approved the deal. Announcement • May 26
Mercal Inmuebles Socimi, S.A., Annual General Meeting, Jun 25, 2025 Mercal Inmuebles Socimi, S.A., Annual General Meeting, Jun 25, 2025. Location: calle orense 81, planta 4., madrid Spain New Risk • Apr 15
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Minor Risks Revenue is less than US$5m (€2.8m revenue, or US$3.2m). Market cap is less than US$100m (€45.8m market cap, or US$51.7m). 
