Acciona Postpones Sale Of RE Subsidiary

14 April 2016 – El Economista

The delay in forming a Government in Spain, along with the uncertainty surrounding the United Kingdom’s departure from the European Union and the instability in world markets, are delaying the possible IPO or sale to a private investor of a stake in Acciona’s real estate subsidiary.

In an interview with EFE-Dow Jones, the Corporate Development Director of Acciona, Juan Muro-Lara, said that the political gridlock “is part of a cocktail of uncertainty in Europe, driven by volatility in the markets and possible discounts on prices”, which means that now “is a difficult time to close operations at a good price”.

For this reason, he said that it is better to wait “for all those uncertainties to be resolved” in order to have the right market conditions for the sale of Acciona Real Estate and he added that “seeing as we do not need to complete the sale at any price, we would rather wait for the conditions to be right”.

Original story: El Economista

Translation: Carmel Drake