Investor Koplowitz cuts stake in Spain's Colonial

MADRID May 27 (Reuters) - Spanish investor Alicia Koplowitz has reduced her stake in Barcelona-based property firm Colonial (COL.MC) to 2.9 percent from 4.9 percent, according to data from stock market regulator CNMV.

Colonial's shares closed down 3.3 percent on Wednesday on heavy volume of 14.7 million shares, after over 90 million shares changed hands on Tuesday, the highest on record according to Reuters data.

Colonial was obliged to enter into a debt-for-equity swap with its creditors, who took a 24 percent stake in the heavily indebted property firm in April 2008.

Colonial's net debt stood at 7.5 billion euros at the end of 2008. (Reporting by Andrez Gonzalez, writing by Jonathan Gleave; Editing by Tim Dobbyn)