Astroc Mediterraneo, the Spanish real estate company, recovered some ground on Friday after falling to its lowest level in a year the previous day. The share price gained almost 4% to close at EUR 11.21 after falling 14% on Thursday to EUR 10.80. Astroc has seen its shares lose over 80% of their value since February when they were trading at EUR 75.

Astroc Mediterraneo, the Spanish real estate company, recovered some ground on Friday after falling to its lowest level in a year the previous day. The share price gained almost 4% to close at EUR 11.21 after falling 14% on Thursday to EUR 10.80. Astroc has seen its shares lose over 80% of their value since February when they were trading at EUR 75.

Astroc was the first Spanish property company to get hit last April by a plunge in Spanish stocks. Last week, the company announced a series of initiatives aimed at reorganising its structure. After appointing Juan Antonio Alcaraz as new ceo and reducing its board from 13 to 10 members, the company said it would initiate a three-way merger with its Rayet Promocion and Landscape units. Astroc said it expects to complete the merger by year-end, creating a EUR 3 bn conglomerate with a new name. The company has also decided to reduce the volume of its planned share issue from EUR 2 bn to EUR 800 mln. The capital increase is needed to finance the merger.

Ceo Alcaraz said Astroc will also call off its proposed international expansion into property markets in the US, Mexico and Brazil.