Sando Imobiliaria has taken over Spanish peer Agofer for EUR 220 mln. In a statement issued on Tuesday, Sando said the transaction is in line with the company's goal of becoming one of the ten largest companies in the Spanish property sector. Sando is a construction company active in the Spanish residential and industrial markets.

Sando Imobiliaria has taken over Spanish peer Agofer for EUR 220 mln. In a statement issued on Tuesday, Sando said the transaction is in line with the company's goal of becoming one of the ten largest companies in the Spanish property sector. Sando is a construction company active in the Spanish residential and industrial markets.

The merged group will have a turnover of EUR 1 bn, and developments accounting for some 3 million m2. Spanish lender Banesto will provide the financing for this transaction. Founded in 1982, Agofer is a Spanish property company with offices in Madrid, Barcelona and Poland.