Banks Santander, BBVA and Banco Popular have transferred around €1 bn of office assets to Spanish property firm Metrovacesa as part of a capital increase aimed at restructuring the company's debt position.
Banks Santander, BBVA and Banco Popular have transferred around €1 bn of office assets to Spanish property firm Metrovacesa as part of a capital increase aimed at restructuring the company's debt position.
The lenders - which are the company's major shareholders with a stake of 72%, 19.4% and 8% respectively - have contributed around 130,000 m2 of office space across nine assets in Madrid (7) and Barcelona (2).
The operation - which is part of a larger programme aimed at separating Metrovacesa's income-generating assets from its development portfolio - lifts Metrovacesa's portfolio by around 25% to a total of 650,000 m2.
Major assets in the portfolio include the Ática XIX and Cerro de los Gamos business parks in Pozuelo de Alarcon, as well as the Trianon business park at Vía de los Poblados.
