4/11/2014 – Expansion
Led by the Abello family, Torreal is in talks on buying Realia, a real estate firm in hands of FCC and Bankia that want to sell their stakes jointly.
The process has been run by the son of Juan Abello (pictured), Cristian Abello and his business partner Bernardino Diaz-Andreu, who target finding international funds willing to launch a takeover bid for entire Realia together with them. Until now, the family has been vieing for Realia Patrimonio, a division gathering offices and rental assets of the group with exclusion of the residential part.
Cristian Abello and Bernardino Diaz-Andreu have contacted both Northern and Southern American funds.
As per December 31st 2013, Realia Business’s assets (Realia Patrimonio and the residential part) were worth €3.38 billion. Of the figure, 45% proceeded from the French business, while its Spanish assets were valued at €2.8 billion.
In May, Realia sold a 58.97% stake in French property manager Siic de Paris, cutting its debt by 30%. Its stock exchange value is estimated at €356.6 million.
Original article: Expansión (by Rocío Ruiz)
Translation: AURA REE