Spain's Inmobiliaria Colonial will have assets of EUR 8-10 bn when the merger with Grupo Inmocaral is finalised, Spanish business paper 'Expansion' has reported chairman Luis Portillo Munoz as saying. Grupo Inmocaral, which focuses mainly on business parks, office buildings and commercial premises located in Madrid and Barcelona, took over its peer Colonial last September. Inmobiliaria Colonial, with assets of EUR 6 bn prior to combing with Inmocaral, is an important player in the office-space rental segment in Madrid and Barcelona, as well as Paris through its ownership of France's SFL.
Spain's Inmobiliaria Colonial will have assets of EUR 8-10 bn when the merger with Grupo Inmocaral is finalised, Spanish business paper 'Expansion' has reported chairman Luis Portillo Munoz as saying. Grupo Inmocaral, which focuses mainly on business parks, office buildings and commercial premises located in Madrid and Barcelona, took over its peer Colonial last September. Inmobiliaria Colonial, with assets of EUR 6 bn prior to combing with Inmocaral, is an important player in the office-space rental segment in Madrid and Barcelona, as well as Paris through its ownership of France's SFL.
Inmobiliaria Colonial recently reported its profit it fell 77% to EUR 58 mln in the nine months to September, from EUR 252.7 mln a year earlier. Colonial said total revenue dropped 46% to EUR 410.4 mln, from EUR 771.1 mln. However it highlighted its strong core rental business, with rental revenues up 17.2% to EUR 214.6 mln and said the recovery in the office market in Spain continues to 'consolidate'. The occupancy rate for is properties in both Madrid and Barcelona was over 99 pct in the nine-month period. The Colonial-Inmocaral combination will continue under the Colonial name.
