Monday, November 9, 2009

Metrovacesa and the management of his debt

The BBVA has communicated to the National Commission of the Stock market (CNMV) that the operation in which it moved 7,9 million actions of Metrovacesa to an average value for 45 euros for action, the double of the price of market, is an only one transfer from his branch Shelters BBVA, “without the above mentioned transmission having implied some hereditary effect“.

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This price supposes more of the double of the yesterday closing price, of 20,98 euros. When BBVA entered the capital of the real estate agency, it did it at a price for 45 euros for action. This way, the bank has been confirmed across by the CNMV that limited itself to penetrating the control of this participation “from Singular Anida Operaciones (branch 100 % of BBVA) to BBVA”.

Nevertheless, on the financial markets one speculates on the possibility of that puediera there is an investor of the Arab Emirates might be interested in acquiring, together with surface rights of certain property assets of the group, a percentage accionarial significantly of the real estate agency.

Metrovacesa, that after the exit of Román Sanahuja of the presidency and the delivery of his actions to his deserving banks in exchange for debt cancellation, there is controlled from the beginning of the year by a group of financial institutions, composed fundamentally by Santander, Banesto, BBVA, Box Madrid, Sabadell and Popularly, adding up between every 65 % of the capital of the real estate company.


At present, and after completing a process of internal restructuring, Metrovacesa is immersed in a process of refinancing of his debt to the corporate deserving banks led by Barclays and Royal Bank of Scotland, being located the debt of the group over 6.000 million euros after the shake who for the company supposed the Spanish real estate crisis

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