Spanish property group San Jose has sold a 12% stake in real estate company Parquesol to Labaro for EUR 22.50 per share. The sale, for a total EUR 107 mln, cuts San Jose's stake in Parquesol to just under 51%. In a statement, Parquesol said the transaction was aimed at including long-term partners who can contribute to the domestic and international development of the firm.

Spanish property group San Jose has sold a 12% stake in real estate company Parquesol to Labaro for EUR 22.50 per share. The sale, for a total EUR 107 mln, cuts San Jose's stake in Parquesol to just under 51%. In a statement, Parquesol said the transaction was aimed at including long-term partners who can contribute to the domestic and international development of the firm.

Parquesol added that Labaro could be added to the current merger deal between Parquesol and San Jose. The three-way merger could take place next year and be finalised around the middle of 2008. Labaro has become the third's largest shareholding group in Parquesol, following San Jose and Spanish bank Caja de Ahorros de Castilla La Mancha with a 13% stake. Another bank, Caja Burjos, owns a 5% stake in Parquesol.

Labaro reported profits of EUR 9.7 mln last year and a turnover of EUR 95 mln.