30/07/2014 – Expansion
In the first half of the year, the real estate firm earned €559 million. To contrast, in the first half of 2013, Colonial saw only debt. The 180-degree turn took place thanks to separation and deconsolidation of its non-core business, namely the house and land development.
In the first half of 2014, the property manager registered a turnover by 2% smaller reaching to €105 million.
At the end of June, real estate portfolio of Colonial represented a €5.58 billion worth, by 4.4% larger than in January.
Its office buildings located in Spain appreciated in value by 3.6%, a phenomenon observed for the first time since the recession hit.
Colonial submitted an offer for Realia´s property branch, claiming it disposes of €790 million. The amount rises to €1 billion if the proceeds from its French arm SFL and the sale of a stake in SIIC de Paris taken into account.
Original article: Expansión
Translation: AURA REE