Fadesa, the property company based in northern Spain, has reported total revenue of EUR 789.8 mln for the first nine months of the year, a 31% increase on the year earlier. Net profit rose 9% to 133.2 mln. 'Of the total revenue, 93% comes from the real estate activity, which continues to be the company's main line of business, however, the hotel activity, with 16 establishments already in operation, maintains its progress,' the company said in a statement. Fadesa's hotel revenues grew by 51% to EUR 38.2 mln compared with EUR 25.3 mln for all of 2005.
Fadesa, the property company based in northern Spain, has reported total revenue of EUR 789.8 mln for the first nine months of the year, a 31% increase on the year earlier. Net profit rose 9% to 133.2 mln. 'Of the total revenue, 93% comes from the real estate activity, which continues to be the company's main line of business, however, the hotel activity, with 16 establishments already in operation, maintains its progress,' the company said in a statement. Fadesa's hotel revenues grew by 51% to EUR 38.2 mln compared with EUR 25.3 mln for all of 2005.
Fadesa also announced it is acquiring a 61% stake in the Parque Warner theme park in Madrid for EUR 36 mln and it is embarking on a EUR 94.5 mln residential project in the town of Villanueva de la Cañada on the edge of Madrid.
Meanwhile, rival Spanish property group Grupo Martinsa is targeting Fadesa for a takeover at EUR 35.79 per share. Martinsa's owner Fernando Martin Alvarez formally filed the friendly bid through investment vehicles Promociones y Urbanizaciones Martin and Huson Big on 1 November, AFX reported.
