Realia, a Spanish property company controlled by construction group FCC and bank Caja Madrid, said revenues came to EUR 817.4 mln in 2006, a 21% increase year-on-year. Earnings before interest, taxes, depreciation and amortization (EBIDTA) rose 15% to EUR 289.4 mln. Profit before taxes increased 12% to EUR 176 mln.
Realia, a Spanish property company controlled by construction group FCC and bank Caja Madrid, said revenues came to EUR 817.4 mln in 2006, a 21% increase year-on-year. Earnings before interest, taxes, depreciation and amortization (EBIDTA) rose 15% to EUR 289.4 mln. Profit before taxes increased 12% to EUR 176 mln.
The company said that 2006 marked the start of its expansion abroad. Realia acquired 73% of the Paris-based real estate company SIIC for EUR 428 mln last summer. The French company owns about 40 properties in Paris, with about 130,000 m2 of offices. Realia's investment in the French property market has now reached EUR 1 bn, the company added.
Realia is planning to launch an Initial Public Offer (IPO) to list about 49% of the group this month on Madrid's stock market. Trading is expected to start from May 30, 2007. The placement will be carried out by lenders Caja Madrid and Jp Morgan. Realia's total portfolio includes some 739.000 m2 of commercial properties in France and Spain. The company's capitalisation after listing is expected to reach EUR 3 bn.