Inmobiliaria Colonial SA's board agreed to a six-month share buyback program for up to €100.0 million worth of its shares.

The 12.0 million shares under the program represent 3% of Inmobiliaria Colonial's current share capital, and they will be bought until April 17, 2018.

The purchase price will not be higher than either the price of the last independent trade or the highest current purchase bid on the trading venue where the shares were purchased, including when the shares are traded on different trading venues, according to a release.

Renta 4 Banco SA will be the lead manager for the program. As a result of the buyback program, Inmobiliaria Colonial said it will temporarily suspend the liquidity contract it subscribed with the bank July 10.