Realia attracts new suitors, Cerberus among them
Spanish property company Realia Business [MCE: RLIA] has attracted new potential bidders, among them the hedge fund Cerberus, El Confidencial reported, citing several sources with knowledge of the process.
According to the Spanish-language report, Cerberus has replaced the Spanish property group Inmobiliaria Colonial as main suitor for Realia.
Colonial had imposed severe conditions on Realia, the report said, including deconsolidating its land assets division from its balance. As reported, FCC [MCE: FCC] and Banco Financiero y de Ahorros (BFA) had put the sale process on ice.
Realia's previous suitors also included the funds AEW, Fortress and King Street, the report stated.
Realia’s net asset value (NNAV) is EUR 556m. The company has a syndicated loan of EUR 1.31bn, which will expire in 2017. Its net financial debt was EUR 1.63bn at the end of June and its current market capitalisation is EUR 359.6m.
Source El Confidencial