Carlos Slim Joins Realia’s Board

2 March 2015 – Expansión

Gerardo Kuri Kaufmann will take on the role as Slim’s representative.

Carlos Slim is taking a role on the highest management body of the real estate company Realia, after he became a shareholder of FCC and it (FCC) decided to suspend the sale of its stake in Realia. Carlos Slim’s ‘vocal representative’ will fill the vacancy resulting from the departure of FCC’s former Chairman, Rafael Montes.

In February, FCC decided to suspend the sales process of the real estate company (Realia), in which it holds a 36.88% stake, as it wanted to rethink its strategy. The company, chaired by Esther Alcocer Koplowitz, took this decision after the Mexican acquired a stake in FCC and expressed his own interest in the real estate company.

In November 2013, FCC and Bankia announced their intention to sell Realia and since then, the company has received interest from a number of investors, including Pontegadea (the real estate company owned by Amancio Ortega), Juan Abelló, Colonial (owned by the Villa Mir Group) and several international funds.

In this regard, Hispania launched a takeover bid for 100% of the group in November last year and reached an agreement with three funds who are currently (the real estate) company’s primary creditors. Nevertheless, this transaction is currently pending approval by the CNMV.

Original story: Expansión

Translation: Carmel Drake