SEPI Sociedad Estatal de Participaciones Industriales

The Council of Ministers has authorized the state-owned industrial holding company Sociedad Estatal de Participaciones Industriales (SEPI) to allow its affiliated company Infoinvest, S.A. to take part as a majority shareholder (with an 85% stake) into the incorporation of the company Vipar Parque Empresarial, S.L.

Infoinvest, S.A.. is the owner of a number of land-plots, which approximately cover a 1,100,000 square meters surface in Villaescusa and Piélagos (Cantabria) and it has reached an agreement with the regional Government of that autonomous region, which owns the company Sociedad Suelo Industrial de Cantabria (SICAN), for taking part into the incorporation of the company Vipar Suelo Empresarial, S.L., whose social capital will be owned by Infoinvest S.A., with 85% and by SICAN, which will have the remaining 15%.

The social object of Vipar Suelo Empresarial, S.L. will be to submit and develop a Special Regional Interest Plan within the area of the councils of Villaescusa and Piélagos, with a social capital at the time of the incorporation of 120,000 Euros.

The development will affect a 2,151,750 square meters surface, and certain uses are set in accordance with the requirements stated by Cantabria's regional Government for the area's development. Infoinvest will contribute to the new company a surface of approximately 700,000 square meters from the land it owns (which amounts to a total of 1,100,000 square meters). The project's total investment amounts to 72,897,213 Euros, not including financial expenses and its recovery would take place after four years. Lack of land for generic tertiary uses in Cantabria, coupled to the growing demand fostered by the general economic development in this region create an opportunity for the development of this land.SEPI's Board of Directors, in its meeting on May 9th, 2008 authorized Infoinvest to take part as a majority shareholder in the incorporation of the company Vipar Parque Empresarial, S.L.