Realia Trims Losses 15% in the Middle of Tender

13/11/2014 – Expansion

Real estate company Realia provided reporting on its January-September 2014 balance which showed that during the underlying time the firm has reduced its loss by 15% to €14.7 million, mostly thanks to sale of a stake in French Siic de Paris, bringing it a 4.2 million profit.

In the nine months, Realia’s revenues rose 15.9% up to €89.7 million, to a large extent proceeding from its land and residential housing development divisions. In the third quarter solely, the company chaired by Ignacio Bayon sold a plot in Warsaw, Poland, and 120 dwellings and retail units. However, the transactions did not pay-off and showed a negative margin.

Rentals produced a €58.72 million income. Ebitda posted €22 million, down 29.5%, and overall expenses declined 14%.

From January throughout September, Realia settled its net debt at €1.07 billion, juxtaposed with the €1.71 billion haunting it during the same period in 2013. Nearly half of it reaches maturity in 2016.

The good-sounding data arrives in the middle of the sale of a 56% stake jointly held by FCC and Bankia. The majority share seems appealing to Torreal, funds Fortress and King Street allied with Spanish Azora, as well as to Colonial, controlled by Juan Miguel Villar Mir, all its bidders.


Original article: Expansión (by R. Ruiz)

Translation: AURA REE