Bankia Seeks Advisor to Speed Up Sale of 19% of Metrovacesa

24/02/2014 – Expansion

Bankia searches for a financial advisor to fuel the sale of 19.09% of Metrovacesa. The bank´s strategy is said to be similar to the one undertaken in case of the sale of  12.6% of the NH Hoteles in which it was assisted by JB Capital Markets.

Bankia is the second main shareholder in Metrovacesa. Santander is the first with 36.82%, whereas the third and the following are: BBVA (18.37%), Sabadell (13.04%) and Popular (12.64%). (…).

Appraisal of the real estate company value turns out to be difficult after 72 years of presence on the stock market. Given the price of €2.26 that time, Bankia´s lot would be worth €425 million. (…). The sale constitutes a part of develeraging process taken up by the bank urged by Brussels, due to having received from the ECB a €22.000 million aid.

The latest data shows that by selling its shares in companies like IAG, Mapfre and the NH Hoteles, the bank could earn up to €2.418,6 million of capital gains. (…) In its Strategic Plan, Bankia aims at selling non-strategical assets for about €50.000 million by 2015.


Original article: ExpansiónPro (Daniel Badía, 22 de Febrero 2014, pp 9)

Translation: AURA REE