Acciona Prepares To Launch Its New RE Company

7 April 2016 – Expansión

Acciona has lots of irons in the fire. The most pressing, this month at least, is the completion of the merger of its wind turbine business with Nordex to become its largest shareholder.

The company, which closed 2015 with a profit of €207 million, is also preparing to promote its real estate division, which could end up being converted into a listed Socimi at some point down the line. As a preliminary step, the group separated out its pure property developer activity from its asset ownership business. The homes, buildings and land that it leases out were transferred to a new company called Acciona Real Estate in the middle of 2015. According to the company itself, that entity was worth €630 million at its latest valuation.

This year the energy company will absorb two thirds of the €600 million of investment planned by Acciona. The company expects to maintain EBITDA in line with 2015 thanks to electricity pool prices.

Original story: Expansión

Translation: Carmel Drake