Metrovacesa Closes the Sale of Gecina at €1.54 Bn

30/07/2014 – Expansion

The real estate firm announced it had sold its 26.74% stake in French Gecina for €1.54 billion. The stake equals to 16.809.610 shares transferred at a price of €92 each to institutional investors: Blackstone and Ivanhoe Cambridge, Norges Bank, Credit Agricole Assurances and others.

The new holding will be distibuted as follows: Norges Bank with a 9 % stake, Crédit Agricole Assurances (4.68%), joint venture of Blackstone and Ivanhoé (6.92%) and another Blackstone-related firm (1.46%).

Metrovacesa will intend the funds for paying off the company´s €1.6 billion indebtness.

 

Original article: Expansión

Translation: AURA REE

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