Metrovacesa is set to launch a new French subsidiary that will own the EUR 2.25 bn real estate assets the Spanish company will receive from its French parent company Gecina under the separation process agreed by Metrovacesa's main shareholders last February. The new unit, to be named Medea, will be listed on the Paris stock exchange and will control about 17% of Metrovacesa's real estate assets, valued at some EUR 13.6 bn.
Metrovacesa is set to launch a new French subsidiary that will own the EUR 2.25 bn real estate assets the Spanish company will receive from its French parent company Gecina under the separation process agreed by Metrovacesa's main shareholders last February. The new unit, to be named Medea, will be listed on the Paris stock exchange and will control about 17% of Metrovacesa's real estate assets, valued at some EUR 13.6 bn.
In July, the Sanahuja family, Metrovacesa's majority shareholder, bought an 80% stake in a small French listed firm, Ugigrip, which it is planning to use as its future platform in the country. A portfolio of 38 office buildings that is currently owned by Gecina will be transferred to the company. The assets, mainly located in the Paris region, provide some 225,000 m2 of space and generate annual rents estimated at EUR 11 mln, Spanish newspaper Bolsa Cinco reported.
Metrovacesa's director Jesus Garcia Ponga added that the company is planning to carry out a EUR 1.75 bn capital increase next September and is looking to expand abroad, in particular Germany, as well as strengthen its presence in France and the UK.
