Spanish real estate developer Astroc Mediterraneo is studying a merger with Landscape Promocions Immobiliaries and Rayet Promocion, ceo Juan Antonio Alcaraz Garcia said. The company's board has asked Alcaraz Garcia to 'initiate' the process for a merger with the two companies, in which Astroc currently owns about 50%.
Spanish real estate developer Astroc Mediterraneo is studying a merger with Landscape Promocions Immobiliaries and Rayet Promocion, ceo Juan Antonio Alcaraz Garcia said. The company's board has asked Alcaraz Garcia to 'initiate' the process for a merger with the two companies, in which Astroc currently owns about 50%.
Astroc bought a 54% stake of Rayet last October for EUR 350 mln. In the same month the builder took over 49.99% of Landscape, the real estate subsidiary of Banco Sabadell, for some EUR 987 mln. Landscape is valued EUR 1.93 bn, with debts of EUR 1.4 bn.
