Realia auction attracts new suitor: Inmobiliaria Colonial
The auction for the Spanish property company Realia Business [MCE:RLIA] has a new and unexpected bidder: its rival Inmobiliaria Colonial, according to a report in El Confidencial. Colonial has offered around EUR 600m to Realia's main owners Spanish construction group FCC (36%) and the Spanish nationalised bank Bankia (24%), the Spanish-language item said, citing sources close to the process.
Realia had attracted offers from the hedge funds Orion, AEW, Fortress in partnership with King Street. Goldman Sachs is handling the sale.
Realia sale document states that if the sale is closed at less than EUR 450m, 90% of the total will be used to pay creditor banks and the other 10% will be shared among shareholders. If Realia fetches more than EUR 450m, the proceeds will be shared between the creditors (30%) and the shareholders (70%), the report added.
Source El Confidencial