Spanish private construction firm Lubasa is one of the three candidates bidding for Grupo Ferrovial's property division, unnamed sources have told Spanish business newspaper Expansion.
Spanish private construction firm Lubasa is one of the three candidates bidding for Grupo Ferrovial's property division, unnamed sources have told Spanish business newspaper Expansion.
A spokesperson for Ferrovial confirmed on Monday that three offers had been received but said no talks have been started with a potential buyer. Ferrovial declined to name the bidders or put a value on its unit that builds and sells houses and business parks. The division had revenues of EUR 647.8 mln in the nine months to September.
The sale is being considered to help reduce the EUR 34 bn debt Ferrovial incurred when it purchased British airport operator BAA in August. In addition, the growth in house prices has begun to slow from a high of 15% per year since 1999. Ferrovial has expanded in airport baggage handling, rail maintenance and toll roads in the US to prepare for the possible slowdown in domestic housing and construction, Bloomberg reported.
