Private property company Lualca has spent over EUR 88 mln to buy a 5% stake in Spanish real estate firm Realia. Lualca bought 13.9 million shares in Realia, which is controlled by savings bank Caja Madrid and construction company Fomentos de Construcciones y Contratas (FCC).
Private property company Lualca has spent over EUR 88 mln to buy a 5% stake in Spanish real estate firm Realia. Lualca bought 13.9 million shares in Realia, which is controlled by savings bank Caja Madrid and construction company Fomentos de Construcciones y Contratas (FCC).
Realia went public last June raising EUR 783 mln in the first listing of a Spanish developer in 2007. The company missed its goal of EUR 7.9 to EUR 9.7 per share because of the slowing property market in the country. In October Prasa, another property group, bought a 5% stake in Realia for just under EUR 90 mln.
