Riofisa is in advanced talks to acquire a property company in Central Europe, Spanish national newspaper El Pais has reported, citing the financial manager Miguel Rodriguez. Riofisa, Spain's largest shopping centre developer, wants to acquire a company abroad to expand in Europe and an agreement may come in the first quarter of 2007.
Riofisa is in advanced talks to acquire a property company in Central Europe, Spanish national newspaper El Pais has reported, citing the financial manager Miguel Rodriguez. Riofisa, Spain's largest shopping centre developer, wants to acquire a company abroad to expand in Europe and an agreement may come in the first quarter of 2007.
Riofisa is seeking to buy a company similar in size and also specialized in the development of shopping malls, the newspaper said. The group will end the year with about EUR 50 mln in profit, Rodriguez told El Pais.
According to Rodriguez, Riofisa's growth strategy relies on expanding internationally. In July 2006 the group, has been listed on the stock exchange, and has invested some EUR 550 mln in Rumania and Bulgaria for the development of shopping malls in the same year. Earlier this year, Mario Losanto, Riofisa’s chairman, unveiled that the company was to invest EUR 3 bn before 2010.
