Realia, a real estate firm controlled by FCC and Bankia (61.7%), managed to reduce its red by 33.7% in the first half of the year. The company lost €18.5 million during that time. The good score is mostly due to an improvement in its revenues, a reversal in damage provisions and less expenditures.
According to the National Stock Market Commission (or CMNV by its acronym in Spanish), Realia´s turnover rose by 26.9% up to €53.9 million (SIIC de Paris excluded).
The improvement was triggered by a major number of sold units and a sale of a plot in Warsaw (Poland) for €7.67 million, providing the real estate company with a 4.1% dicount on assessment in December 2013. If it comes to Realia´s net debt, it was significantly mended by the proceeds from the sale of its French branch (€1.03 billion).
The group´s bank debt decreased by 6% to €1.63 billion in the first quarter of the year thanks to sale of Noralia. Also, the release of €17.1 million in the debt repayment and the amortization of the syndicated loan equalling to €18.3 million shall be added to the general calculations.
Realia registered an increase in housing reservations (+21.7%) and releases (45.6%).
Many investors started to show their interest in the listed property manager. For instance, Colonial (24.4% in hands of Grupo Villar Mir) reported it was ready to acquire the 61.7% stake in Realia from FCC and Bankia.
At the end of May, investment funds Orion Capital Managers, AEW and Fortress together with King Street Capital Management subimitted their binding offers for Realia (currently in reviewing process).
Original article: Expansión
Translation: AURA REE