FCC & Bankia Negotiate Sale of Realia´s French Affiliate to Gecina

14/05/2014 – Expansion

Two main stakeholders of Realia, Bankia and FCC have temporarily suspended their struggle to sell 62% they own in the real estate and focus on the sale of Realia´s French diamond branch, Siic de París.

The most prominent candiates for acquiring the affiliate are Gecina, Metrovacesa and AEW  supported by Abu Dhabi sovereign wealth fund.

With the sale coming off, FCC and Bankia could earn €850 million. Offers submitted for the purchase ask for a mere 5% discount on all Siic de París´s assets value, estimated to be worth over €1.5 billion.

Realia bought the French branch in 2006 for €300 a share and subsequently took control over 86.3% of the stake.

 

 

Original article: Expansión (by R. Ruiz & C. Morán & G. Martínez)

Translation: AURA REE

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