Realia Weights Up the Offer of Colonial
31/07/2014 – ExpansionPro
Realia is willing to separate its offices grouped in Realia Patrimonio and sell them to Colonial. Due to lack of other bids, the real estate firm controlled by FCC and Bankia finds itself wondering how to meet the conditions set by Colonial together with the €650 million offer. Realia would have to conduct several divestments and restructure its debt. The decision must be made today.
According to sources familiar with the operation, the “process is incipent and the negotiations will be long and complex”.
Realia´s property manager owns 30 office buildings, among which one may find the Torre Realia in Madrid and its sister the Torre Realia in Barcelona. Most of the properties are located in the capital. At present, Realia also possesses eight shopping parks, such as the Ferial Plaza in Guadalajara or the La Noria Outlet Shopping in Murcia.
As Colonial´s activity focuses on office building rentals, one of the conditions suggests divestment in the shopping centers.
Although the firm´s offer was non-binding, both parties may be at the brink of sealing an exclusive transfer negotiation deal.
Original article: ExpansiónPro (by M. A., 31 de Julio 2014, pp 4)
Translation: AURA REE