Realia, the Spanish real estate company that raised EUR 783 mln in an IPO last June, has sold the Cine Proyecciones and the Amper non-core buildings in Madrid for EUR 42.5 mln, the company said in a statement to the Spanish securities watchdog CNMV. The gains from the disposal amount to EUR 16.6 mln, Realia said. The sale price exceeds by 8.8% the properties' book value, established by CB Richard Ellis at the end of 2006.
Realia, the Spanish real estate company that raised EUR 783 mln in an IPO last June, has sold the Cine Proyecciones and the Amper non-core buildings in Madrid for EUR 42.5 mln, the company said in a statement to the Spanish securities watchdog CNMV. The gains from the disposal amount to EUR 16.6 mln, Realia said. The sale price exceeds by 8.8% the properties' book value, established by CB Richard Ellis at the end of 2006.
Cine Proyecciones, located in the centre of Madrid, was acquired in 2001 for EUR 10.8 mln and has now been sold back for EUR 19.75 mln. Edificio Amper, located in the Tres Cantos district, was bought for some EUR 15 mln in 2002 and sold back through a sale-and-lease-back deal for EUR 22.7 mln. The disposal is in line with Realia's strategy of focussing on strategic assets. Proceeds will be re-invested in new buildings, the company said.
