Metrovacesa, Spain's largest property company, is looking to expand in Europe as the national market grows increasingly overheated, COO Carlos Vara told Dow Jones Newswires at the Mapic retail property conference in France. Vara said the company is looking to grow through acquisitions in France, Germany, Italy, Belgium and Poland but isn't interested in expanding further east. 'I don't trust Eastern Europe. It is a far more liquid market in the euro zone ,' he added.
Metrovacesa, Spain's largest property company, is looking to expand in Europe as the national market grows increasingly overheated, COO Carlos Vara told Dow Jones Newswires at the Mapic retail property conference in France. Vara said the company is looking to grow through acquisitions in France, Germany, Italy, Belgium and Poland but isn't interested in expanding further east. 'I don't trust Eastern Europe. It is a far more liquid market in the euro zone ,' he added.
Earlier in November, Metrovacesa revised its full-year 2006 net profit forecast upwards to EUR 1.1 bn despite the ongoing boardroom battle for control of the group. Metrovacesa had early revised its forecast from EUR 690 mln to EUR 880 mln. The latest forecast came as it reported a 176.4% increase in net profit for the nine months to September.
