Financière Colbert to acquire 80% of Spain's Restaura

France's Financière Colbert is acquiring an 80% interest in the Spanish real estate developer and investment management company Restaura from its founder, the Solano family.

According to reports in Spanish newspapers, the Grenoble-based investor has signed a preliminary agreement to buy the stake in the company, with a final agreement expected to be reached in the next few days. Law firm Roca Junyent is advising on the deal.

Although the transaction volume was not disclosed, it is understood that Colbert is buying the company for a symbolic amount, with a commitment to provide equity to enable the company to resume development on a number of projects.

Restaura, which specialises in the construction of residential and office properties, had a property portfolio worth around EUR 2.4 bn in early 2008, before starting a forced divestment and cost-reduction programme as a result of the financial crisis.

The company is currently in advanced negotiations with a consortium of over 30 financial institutions to refinance its EUR 400 mln debt load.