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FCC at the Verge of Finalizing Sale of Realia to Fortress

FCC begins to see the light at the end of the tunnel. The company chaired by Esther Alcocer Koplowitz is at the point of finalizing the transfer of Realia to Fortress Investment Group, the same fund that acquired the debt of Sareb. FCC holds 34% of Realia and Bankia 26%. Realia capitalizes stock worth 220 million Euros and owns a corporative debt of 1.000 million Euros. (…)

Also, the talks on positioning FCC Logistica are being carried out while Cemusa (Exterior advertisement) negotiates with JCDecaux. The agreement will not be established soon, though.

In the meantime, Portland Valderrivas, unmarketable because of the conditions set by of its own cement producer sector, has reduced expenses and it hopes to reach its breakeven point this year. In 2013 the company produced 10 million tonnes (53 before the recession) and this year it is planning to reach 15 million tonnes. Not due to the civil work projects but the real estate development recovery.

Another part of the future business plan presented by its CEO Juan Béjar, is the British Waste Recycling Group (WRG), acquired by FCC for 2.000 million Euros. (…)

Right now the most important news is the advance in the refinancing the global debt of FCC. There are 4.600 million Euros of banking debt scheduled for refinancing by February 28th. As FCC informed CMNV, an agreement has been already made with 96% of the institutions, exceeding the homologation level. (…) Before the arrival of the pact, the company had to accelerate divestment to focus on the specialty of the house: garbage and water.

Source: Hispanidad

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Translation/Summary: aura