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Sacyr puts its real estate company Vallehermoso on sale.

The board of Sacyr approved yesterday afternoon the sale of Vallehermoso, its real estate development subsidiary, after having received “signs of interest in its acquisition from third parties”.

The company presided over by Manuel Manrique has sent a statement to the National Share Market Commission indicating that that yesterday afternoon the managing board of Sacyr decided the sale of its real estate development subsidiary. “This takes place after Sacyr has received indications from third parties on the acquisition of Vallehermoso, although these have not been specified yet”, the company declares. Also, the company indicates that “we will inform about the sale as soon as it takes place”.

This information reaches us two weeks after Sacyr announced that it was negotiating with Vallehermoso´s banks to exchange assets for debt with the intention of liquidating “in an orderly way” this subsidiary, and cancelling the liability of 1200 million Euros it is suffering.

At the end of June 2013, Sacyr had a net debt of 8.357 million Euros, so that the amount corresponding to the subsidiary reaches 15% Vallehermoso had a stock of 600 homes and a portfolio of 7,25 million square meters of land. At the end of 2012, the market value of the stock of this subsidiary reached 1848 million Euros, according to the valuation carried out by BNP Paribas. (…)