Metrovacesa looks at possible merger

Spanish property company Metrovacesa is looking at several foreign real estate companies for a possible merger by the end of 2008 or beginning 2009, CEO Jesús García de Ponga told Spanish newspaper La Razón. De Ponga said that Metrovacesa is studying six or seven companies with a gross asset value of between EUR 1 bn to EUR 7 bn. The company's chief executive also said Metrovacesa plans to invest up to EUR 5 bn in the next three years. 'We will get EUR 2.5 bn from asset sales and the rest from mortgaging real estate', De Ponga said, adding that that the advantage of the group is having funded most of its growth with corporate debt and not mortgages. De Ponga also said the group will be looking at projects in the Netherlands and Germany and hinted that the next acquisition is likely to be a real estate portfolio in Germany.

Premium subscriber content – please log in to read more or take a free trial.
Editor
Profile

Events

Latest news

Best read stories

About PropertyEU

Who are we? PropertyEU was established in 2006 as a truly pan-European information source for real estate professionals. We provide in-depth news, data and analysis of Europe's property markets at a time of increasing cross-border investment, development and financing across the continent and beyond.

Contact information

Office address

Prins Bernhardplein 173
1097 BL Amsterdam

Phone

General:
+31 (0)88 776 73 78

Our media channels

Top
© Copyright PropertyEU 2024.