Spanish real estate company Inmobiliaria Colonial is carrying out a series of disposals to reduce the company's debt of EUR 8.9 bn. The property giant has agreed to sell an office building in Madrid to ING RE for EUR 80 mln and is selling assets in Barcelona to Spanish peer Hemisferio for EUR 55 mln. The Madrid asset is located in the Moraleja district and consists of 22,043 m[sup]2[/sup] of space entirely leased to CitiBank. Colonial is also selling a plot of land that is part of the Valdebebas development in Northern Madrid for another EUR 20 mln.
Spanish real estate company Inmobiliaria Colonial is carrying out a series of disposals to reduce the company's debt of EUR 8.9 bn. The property giant has agreed to sell an office building in Madrid to ING RE for EUR 80 mln and is selling assets in Barcelona to Spanish peer Hemisferio for EUR 55 mln. The Madrid asset is located in the Moraleja district and consists of 22,043 m2 of space entirely leased to CitiBank. Colonial is also selling a plot of land that is part of the Valdebebas development in Northern Madrid for another EUR 20 mln.
Earlier this year the company announced it intended to sell part of its 84% stake in the French subsidiary Société Foncière Lyonnaise (SFL).
Colonial recently completed the takeover of Riofisa, a Spanish company focusing on retail, while earlier this year merged with Inmocaral, creating the largest property company in Spain with EUR 13.6 bn of assets. On Friday, Colonial confirmed to be discussing a possible merger with the French company Gecina.
Click on the link below to read our story on the Colonial-Gecina merger talks.