Dublin-based Nexgen Capital, a subsidiary of French bank Natixis, has bought 50 million shares in Spanish property giant Inmobiliaria Colonial from its former chairman Luis Portillo. The buy brings the bank's stake in Colonial to 5.4%, representing a total 88.3 million shares, the French bank said in a statement to Spain's stock market regulator CNMV. Portillo has borrowed EUR 102mln from Natixis, using about 50 million shares, about 3.06% of Colonial's share capital, as guarantee.
Dublin-based Nexgen Capital, a subsidiary of French bank Natixis, has bought 50 million shares in Spanish property giant Inmobiliaria Colonial from its former chairman Luis Portillo. The buy brings the bank's stake in Colonial to 5.4%, representing a total 88.3 million shares, the French bank said in a statement to Spain's stock market regulator CNMV. Portillo has borrowed EUR 102mln from Natixis, using about 50 million shares, about 3.06% of Colonial's share capital, as guarantee.
Earlier this week, Nozar, the investment vehicle of the Nozaleda family, announced it was selling a 7% stake in Colonial to the banks of the troubled Spanish company. Nozar, which has a 12.25% stake in Colonial, is selling the assets to cut down a EUR 460mln of debt it holds with Natixis, RBS, Gaesco, Caixa Galicia, and JP Morgan. Luis Portillo, Colonial's former chairman and largest shareholder with a 34% stake, was said to be mulling the same move. Media rumours suggest that he is currently in talks with banks to sell its entire stake worth some EU R1.4bn.
