Luis Portillo, the chairman and largest shareholder of Spanish real estate company Colonial, has raised his stake in the company to just under 40% by acquiring a further EUR 314 mln worth of shares. According to a statement sent to the stock market regulator CNMV, Portillo's investment vehicles purchased 87 million new shares at EUR 3.10 each during Colonial's capital increase last week. Colonial will use the funds it raised to help finance a takeover bid for Spanish shopping mall developer Riofisa.
Luis Portillo, the chairman and largest shareholder of Spanish real estate company Colonial, has raised his stake in the company to just under 40% by acquiring a further EUR 314 mln worth of shares. According to a statement sent to the stock market regulator CNMV, Portillo's investment vehicles purchased 87 million new shares at EUR 3.10 each during Colonial's capital increase last week. Colonial will use the funds it raised to help finance a takeover bid for Spanish shopping mall developer Riofisa.