Spanish property companies Colonial and Martinsa Fadesa reported a combined loss of EUR 6 bn for 2008 on the back of heavy revaluations of their real estate portfolios. Colonial, which is now controlled by its creditor banks, has posted a loss of EUR 3.98 bn in 2008, compared with a year-earlier profit of EUR 74 mln. The company said it reduced debt by EUR 1.6 bn in 2008 mostly through the sale of property assets. Colonial's rental activities currently make up for 85% of its business as the group continued to dispose of its land and residential development portfolio last year.
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