Realia attracts interest of Juan Abello's Torreal - report
Realia Business, the Spanish property company put up for sale by FCC and Bankia, has attracted the interest of Torreal, an investment vehicle of the Spanish Abello family, Expansion reported.
Torreal's interest comes at a time when the construction group and the bank's efforts to sell their 55.59% stake in Realia has entered a deadlock, the Spanish-language report said.
Despite initially attracting several potential suitors, in the end FCC and Bankia only had three offers for Realia, the report said.
Hedge funds King Street and Fortress are seeking debt for equity deals after acquiring 60% of Realia's debt from Banco Santander and Sareb, Expansion said.
Realia's Spanish rival Colonial made a firm EUR 650m offer for the office division Realia Patrimonio, subject to several conditions, the report noted. Sources from Colonial said in the report that although a deal has not been ruled out, the process is at a standstill.
Torreal is also bidding for Realia Patrimonio, but according to the report's sources, Abello may extend his offer to the whole company.
Realia reported 1H14 sales of EUR 53.9m, excluding its operations in France, and a loss of EUR 18.5m. It has a market capitalisation of EUR 322.7m.
Source Expansion