The Sanahujas, the owners of a 80.6% interest in Spain's largest property company Metrovacesa, are said to be negotiating a partial sale of their stake to creditor banks. According to Spanish media, Román Sanahuja, chairman of Metrovacesa, is in talks with banks HSBC and Banesto to swap debt with company shares. The Sanahujas, who are facing EUR 4. bn in debt, are reportedly seeking to retain a majority stake in the company.

The Sanahujas, the owners of a 80.6% interest in Spain's largest property company Metrovacesa, are said to be negotiating a partial sale of their stake to creditor banks. According to Spanish media, Román Sanahuja, chairman of Metrovacesa, is in talks with banks HSBC and Banesto to swap debt with company shares. The Sanahujas, who are facing EUR 4. bn in debt, are reportedly seeking to retain a majority stake in the company.

If talks succeed, Metrovacesa would become the second large property company in Spain to fall in hands of creditor banks this year after stakes in peer Inmobiliaria Colonial were sold off to several banks including Banco Popular, La Caixa, and French bank Natixis.

In Metrovacesa's case, the company was provided a £810 mln short-term loan by HSBC last year as part of its acquisition of the HSBC tower in London's Canary Wharf for £1.1 bn. While the loan from HSBC matures by the end of November, the Madrid-based listed company is struggling to refinance the deal.

As this was not enough to give the Sanahujas a big headache, the Spanish family could be forced to take Metrovacesa private next month. To comply with Spanish law requiring listed groups to have a free float of at least 25%, the Sanahujas are obliged to reduce their stake in Metrovacesa by November 4.

Earlier this month, the Sanahujas said in a statement to the Spanish market regulator that they tried 'repeatedly and in different ways' to find new investors but failed because of 'difficult market conditions'. The Sanahujas launched a public offer for Metrovacesa in May this year as part of a separation agreement with the group's French unit Gecina.