25/07/2014 – El Confidencial
Today, Bankia and FCC that own the firm must decide whether or not to accept the proposal. They have been trying to sell their share in it for the last nine months. Many potential buyers (e.g. Orion, AEW or Pontegadea) withdrew from the process due to its complexity conditioned by Realia´s main lenders, Fortress and King Street.
Colonial´s bid is restricted exclusively to Realia Patrimonio, the most valuable asset of listed Realia Business, disposing of €400 million in funds. 90% of its activity is centralized on office rental. The firm´s refinancing agreement stated clearly it will become possible only in case of finding a purchaser before the end of July.
Except for convincing FCC (a 36% stake) and Bankia (24%), Colonial has to negotiate with Fortress, King Street and Goldman Sachs, holding the pre-emptive right as in the past months they have acquired Realia´s debt from Sareb (€440 million), Banco Santander (€100 mn) and CaixaBank (€50 mn).
Original article: El Confidencial (by Agustín Marco)
Translation: AURA REE