Realia to receive offer from Fortress
FCC and Bankia, owners of the listed Spanish property company Realia, will receive this week an offer for their 62% stake up for sale from the investment fund Fortress, Expansion reported, citing sources close to the process. Fortress thus joins Orion and AEW, who have also confirmed their interest in making a binding offer for Realia.
Suitors Blackstone, Anchorage, Axa and Pontegadea (vehicle of the Spanish investor Amancio Ortega) have finally decided to abandon the operation, the Spanish-language business daily said. The deadline for offers ends tomorrow, Friday.
Fortress, who is partnering with King Street for the transaction, wants to acquire Realia via a debt-for-equity swap, the report said.
As reported, last year Realia posted a EUR 51m loss, sales of EUR 203m and EBITDA of EUR 103m. FCC holds 37% of Realia and Bankia 25%. Goldman Sachs is handling the sale.
Source Expansion