Spanish listed property firm Inmobiliaria Colonial has raised €1.26 bn through a capital increase.

Spanish listed property firm Inmobiliaria Colonial has raised €1.26 bn through a capital increase.

Colonial, which is the major shareholder of French REIT Societe Fonciere Lyonnaise, plans to use the proceeds to refinance its €2.1 bn in loans maturing this year. The company has recently received a new €1 bn credit facility from a bank syndicate.

Grupo Villar Mir is believed to have invested €308 mln in the capital increase, effectively becoming the company's largest shareholder, while Spanish bank MoraBanc and Santo Domingo group are believed to have participated with an investment of €100 mln and €164 mln respectively.

Villar Mir first injected capital into the company in January when it bought a 19.3% stake in the Barcelona-based property developer from the Royal Bank of Scotland for €1 a share, or a total of €44 mln.