Spanish property group Prasa has acquired a 3% stake in peer Metrovacesa at EUR 95 per share from Metrovacesa's chairman Joaquin Rivero and board member Bautista Soler, Spanish newspaper Cinco Dias has reported.

Spanish property group Prasa has acquired a 3% stake in peer Metrovacesa at EUR 95 per share from Metrovacesa's chairman Joaquin Rivero and board member Bautista Soler, Spanish newspaper Cinco Dias has reported.

The two entrepreneurs, who jointly own 36% of Spain's largest real estate group Metrovacesa, were seeking investors in a move to reduce the debt accumulated after they launched a takeover bid on Metrovacesa last year.

This deal, worth about EUR 275 mln, means that Rivero does not relinquish control of Metrovacesa to the rival Sanahuja family, the company's largest shareholder, as Prasa surrendered its voting rights to Rivero and Soler 'for a period of time', El Pais said.

Last year Rivero and Soler agreed with the banks financing their bid that they would sell 5% of Metrovacesa at EUR 75 per share to reduce debt. However, a significant increase in the shares' value has allowed them to reduce the stock sale to 3%. Nevertheless, the sale price still represents a discount to Metrovacesa' closing price of EUR 124.05 on Thursday.

Meanwhile, Sanahuja family's investment vehicle Cresa has requested an extraordinary general meeting to discuss changes on the board and the possible revoking of the board's authority to carry out capital hikes.