Spain

FCC buys 13.11% of Realia

FCC buys 13.11% of Realia
Carlos Slim

FCC Inmobiliaria has bought 13.1% of Realia from CEC. Fomento de Construcciones y Contratas now directly controls 50.1% of Realia, at an average price of 0.78 euros per share.

Also, FCC incorporated Jezzine into its capital; a heritage company for rent owned 100% by Soinmob, a subsidiary in turn in equal percentage of CEC, in FCC Inmobiliaria. This operation has been carried out through a non-monetary capital increase.

According to the statement sent to the CNMV, the companies seek to consolidate a single and solid real estate group, which allows for more efficient management. Also, diversify the risk and geographic opportunities of FCC Inmobiliaria, by expanding its activity to new areas of operations in which it is not currently present.

In the first half of 2021, Realia achieved revenues of € 71.99 million. This allowed him to have a net profit of 24.75 million. This improvement in its results coincides with the recovery of the development business, an activity that it abandoned after the 2008 crisis. The company controlled by Carlos Slim delivered more than 100 homes in these six months, 535% more than in the same period of 2020.

Despite the fact that the listed company has lost almost 90% of its market value after the real estate bubble, it still has a portfolio of land valued at 6,349 million square meters.

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