Spanish listed property firm Colonial confirmed this week that it has mounted a €650 mln bid for peer company Realia.
Spanish listed property firm Colonial confirmed this week that it has mounted a €650 mln bid for peer company Realia.
Colonial, which is controlled by businessman Juan Miguel Villar Mir and the Qatar Investment Authority sovereign wealth fund, said the offer is conditional on the sale by Realia of non-strategic assets as well as the refinancing of its debt.
Madrid-based Realia is currently owned by construction Group FCC and lender Bankia with a 41% and 28% stake respectively.
The company owns a 420,000 m2 commercial portfolio, largely consisting of office buildings including Torres Kio in Madrid and Torre Realia BCN in Barcelona.
Investment managers Orion Capital Managers and AEW Europe are also rumoured to have presented an offer for a controlling stake in Realia.
