Martinsa Fadesa CEO Carlos Vela said on Monday that the Spanish property group is in talks with seven international real estate funds to sell land worth about EUR 1 bn. The proceeds from the sale will be used to reduce the company's debt, which stands at EUR 2.5 bn according to the company results for the first nine months of 2007.
Martinsa Fadesa CEO Carlos Vela said on Monday that the Spanish property group is in talks with seven international real estate funds to sell land worth about EUR 1 bn. The proceeds from the sale will be used to reduce the company's debt, which stands at EUR 2.5 bn according to the company results for the first nine months of 2007.
Martinsa Fadesa is also considering disposing of part of its hotel business, Vela added. He said that the company would focus instead on housing sales in Spain and abroad.
Martinsa Fadesa was formed from the merger of Grupo Martinsa and Fadesa Inmobiliaria. Earlier this year Martinsa launched a EUR 4 bn takeover bid for Fadesa Immobiliaria. The two companies should begin trading as Martinsa Fadesa at the beginning of December.