Sale of Gecina Waiting For Lenders Approval

4/06/2014 – Expansion

Yesterday, Metrovacesa oficially confirmed the plans of selling its 26.7% stake in Gecina in a notice issued to French stock exchange authority AMF (Autorité des Marchés Financiers).

The negotiations between the Spanish real estate firm and allied Blackstone and Ivanhoé Cambridge (part of Caisse de Dépôt et Placement du Québec) are at a very advanced stage. The nearly 27% share´s value is estimated at €1.8 billion. The operation will involve suspension of a part of the debt of Metrovacesa, borrowed for purchase of Gecina.

Last year, the lending institutions sold the real estate firm´s debt to a hegde fund and several vulture funds.

Original article: Expansión (by R. Ruiz)

Translation: AURA REE