Spain’s Real-Estate Sector Consolidates With Two Deals
July 19th, 2007 by Ines
MADRID — Spain’s real-estate sector continued to consolidate with the announcement of two deals Friday.
Reyal Grupo SA said it agreed to buy a 50.3% stake in rival Inmobiliaria Urbis SA for €1.67 billion ($2.13 billion) and launched an offer for the remainder of Urbis in a deal that values the company at €3.32 billion.
Reyal is buying the stake in Urbis from the company’s majority shareholder, Spanish bank Banco Español de Crédito SA, known as Banesto. Banesto said the deal with Reyal is binding, and that it won’t accept any competing offer. The bank said it will book a €1.2 billion capital gain from the deal.To read the whole text, click here.
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