Valencia-based property company Llanera is to sell a large plot of land for EUR 55 mln to the Spanish savings bank Bancaja. The sale is part of a move by the 0Spanish property firm which filed for protection from creditors two months ago to cut its EUR 700 mln debt to just EUR 200 mln.

Valencia-based property company Llanera is to sell a large plot of land for EUR 55 mln to the Spanish savings bank Bancaja. The sale is part of a move by the 0Spanish property firm which filed for protection from creditors two months ago to cut its EUR 700 mln debt to just EUR 200 mln.

The Brosquil plot of land, located in Cullera in Valencia is one of the largest property asset owned by the company and is already provided with construcion permit. The land is being sold at a price considerably lower than what Llanera paid for it in its turn, when it forked out about EUR 77 mln to purchase the land from Francisco Riog.

Llanera is also selling another major asset, the property company Reva, to creditor Lehman Brothers. Reva is a Belgian firm which owns rural land in southern Spain and is one of the largest producer of citrus fruits in the Valencia region.

Llanera was one of the first victims this year of the combination of the global credit crisis and the current slowdown in the Spanish real estate market. The company, which is owned by the Gallego family, has offices in London, Seville and Valencia and employs 500 people. It reported sales of EUR 418 mln last year.