Spanish bank Caixa Cataluna has acquired the remaining 49% stake it did not own in troubled real estate developer Alcala 120. The transaction is taking place as a debt-for-equity swap and totals some EUR 410 mln. The stake was sold by Grupo Silver Eagle, according to Spanish news agency EFE.
Spanish bank Caixa Cataluna has acquired the remaining 49% stake it did not own in troubled real estate developer Alcala 120. The transaction is taking place as a debt-for-equity swap and totals some EUR 410 mln. The stake was sold by Grupo Silver Eagle, according to Spanish news agency EFE.
The developer had turnover of some EUR 300 mln in 2007. It is mostly active in the Madrid region and Southern Spain. Its debt totals EUR 513 mln, of which EUR 400 mln is provided by Caixa Catalunya.
