Spanish bank Caja Madrid and construction company Fomento de Construcciones y Contratas SA (FCC) are to list 49% of their property joint venture Realia Business on the stock exchange.
Spanish bank Caja Madrid and construction company Fomento de Construcciones y Contratas SA (FCC) are to list 49% of their property joint venture Realia Business on the stock exchange.
Caja Madrid's chairman Miguel Blesa told Spanish newspaper Cinco Dias that the remaining 51% of house-builder Realia will be transferred to a new entity. FCC will control 50.01% of the new holding company, but important decisions will still have to be agreed with the savings bank, Blesa said. Realia Business is valued at EUR 3 bn.
The FCC group was formed by the merger of two major construction companies. It operates in the real estate sector through Realia Business and its 80% stake in Torre Picasso in Madrid.
