Spain's largest property company Metrovacesa said it has swung to a loss of EUR 178 mln in the first half of 2009 from a profit of EUR 131 mln a year before. The sharp decline mainly reflects higher expenses, write-downs on a number of projects and the impact of the negative results from its French affiliate Gecina, which reported a loss of EUR 53 mln. Metrovacesa has a 26.9% stake in Gecina.
Swiss real estate group Investis has boosted its real estate holdings with the CHF 139 mln (€149 mln) purchase of prime residential properties in Vaud canton.
