Metrovacesa shareholder Bankia cannot find buyer for its 19% stake
Bankia is still seeking a buyer for its 19% stake in the Spanish property company Metrovacesa, El Confidencial reported citing financial sources. According to the report, hedge funds keen to acquire other Spanish property assets are shying away from buying a minority stake in an unlisted company whose main shareholders are Spain's largest banks.
After selling its stake in the French property company Gecina, Metrovacesa will cancel part of its debt, which will be cut to around EUR 2.8bn, the Spanish-language report said. But Bankia cannot wait for the further two years it may take for Metrovacesa's debt to be absorbed, the paper said.
Metrovacesa had a market capitalisation of EUR 2.233bn when it was delisted, but today Bankia's 19% stake is likely to be worth around EUR 100m, El Confidencial said.
Bankia is Metrovacesa's second-largest shareholder behind Banco Santander, which holds a 36.82% stake. BBVA has 18.31%, Banco Sabadell 13.04% and Banco Popular 12.64%.
Source El Confidencial