Santander Pays €100 Mn to Bankia For a 19% Stake in Metrovacesa

5/12/2014 – El Confidencial

Bankia sold its 19% share in Metrovacesa to Santander, making it the majority stakeholder in the real estate company with 55.8% of the capital. The entity chaired by Ana Botin (pictured) paid around €100 million in the deal.

The vending bank led by Jose Ignacio Goirigolzarri was obliged by Brussels to sell-off all the industrial shares it owns.

In turn, through the operation, Santander tries to guarantee a holding stability inside Metrovacesa and shows its confidence about economic recovery of the country’s real estate industry.

Except for the entity, Metrovacesa is also held by BBVA (a 18.3% stake), Banco Sabadell (13%), y Banco Popular (12.6%), which swapped the Sanahuja familys debt for shares in the firm in February 2009.

Banned from the stock since May 2013, Metrovacesa went public in 2004. The company’s main activity focus is property lease. It disposes of more than 1.1 million square meters of office, retail and hotel space, mostly located in Madrid and Barcelona.

 

Original story: El Confidencial

Translation: AURA REE

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