LA CNMV (COMISI?N NACIONAL DEL MERCADO DE VALORES), APPROUVE L'AUGMENTATION DE CAPITAL DE 709,5 MILLIONS D'EUROS DE INMOBILIARIA COLONIAL

Madrid, le 17 juillet 2007

Cette augmentation de capital sera utilisée en vue de l'OPA sur Riofisa et réduira de 7,200 millions d'euros la dette à long terme de la société.

La CNMV a accordé son visa au prospectus d'augmentation de capital de 709,5 millions d'euros présenté par Inmobiliaria Colonial par émission de 228 885 125 actions nouvelles d'une valeur de 3,10 euros (valeur nominale de 0,12 euros plus une prime d'émission de 2,98 euros).

Grâce à cette augmentation de capital, les actionnaires de la société pourront souscrire une action nouvelle pour six en leur possession. La période de souscription préférentielle commencera le jeudi 19 juillet prochain et se terminera le jeudi 2 août.

Via the operation, Inmobiliaria Colonial completes its plans to finance the Riofisa acquisition, a takeover bid currently in the acceptance phase, which ends on 30 July. The Company is expected to use the proceeds to cut its €7.2 Bn long-term debt. The major shareholders with seats on the Board have already signed a commitment to participate in the increase, bearing witness once again to their full support for the Group's business plans.

The Riofisa takeover bid is at €44.31 per share in cash, implying a €2 Bn valuation for the target. The main shareholder in Riofisa — Riofisa Holding SL, with 50.001% — has already taken up the offer, having committed itself to accepting the bid.

This deal shall round out Inmobiliaria Colonial's property business model with retail centre development and operation activities. The purchase is in line with the Company's strategy of integrating high-quality properties into its assets, thus assuring stable revenue sources and so a solid company, safeguarded from business cycles and generating value for its shareholders.

Riofisa, S.A. is a leading property development group in the retail centre segment in both Spain and abroad. It is a good match with the type of company sought to round out the business and is distinguished by its innovation and management quality. The acquisition shall bolster Inmobiliaria Colonial's assets with retail parks across Spain — mainly in Madrid, Valencia, Valladolid, Cantabria and the Balearic and Canary Isles — as well as countries like Romania and Bulgaria. Riofisa furthermore boasts a strong presence in the corporate sector with business parks and buildings, representative offices, logistic platforms, etc. It also operates in developing singular urban residential projects such as lofts, hotels and senior citizen residential complexes.

Contact:

Pilar Suárez-Carreño Tel: + 34 91 575 45 05 [email protected]