Basque real estate group Inbisa has announced it acquired stakes in three different companies, respectively Iberdrol, Telefonica and Repsol. These transactions involve a total investment close to EUR 80 mln, Spanish newspaper Cinco Dias has reported.
Basque real estate group Inbisa has announced it acquired stakes in three different companies, respectively Iberdrol, Telefonica and Repsol. These transactions involve a total investment close to EUR 80 mln, Spanish newspaper Cinco Dias has reported.
Inbisa has invested EUR 41.8 mln in the acquisition of 1.2 million Iberdrola's shares, and has increased its stake in Telefonica and Repsol with an investment of other EUR 37.8 mln, the company said in a press release. Inbisa said it currently owns a 0.065% and 0.14% stake respectively in Telefonica and Repsol.
These are the latest in a series of significant investments by the property group, which had a turnover of no more than EUR 168 mln in 2006. With the intention to bolster its financial investment area, the property development group purchased a 5% stake in Parquesol last October, therefore becoming its fourth largest shareholder. The company acquired 1.99 million shares for a market value of EUR 45.9 mln.
Following all the transactions, Inbisa's investments in the stock market reflect a total value of EUR 187.7 mln in the last three months. Founded in 1988 in Bilbao, Inbisa started out in the industrial units business. In 1995, it expanded its services, providing solutions in different areas of property development: industrial, services and residential.