MADRID, July 25 Spanish property company Colonial said it had made a 650 million euros ($874 million) offer for Realia Patrimonio, a unit of Realia which develops and rents commercial property.
Debt-laden builder FCC and nationalised lender Bankia had put their joint stake of nearly 60 percent in Realia up for sale last year and the Colonial offer gives those two an alternative exit strategy.
However it would leave the owners, who are seeking to offload non-core assets, with the less attractive Realia units of residential property and undeveloped land.
Colonial said its offer was non-binding and conditional on Realia offloading non-strategic assets before the sale.
Realia has sold debt to private equity funds at a deep discount and sold a stake in French property vehicle SIIC de Paris in recent months as investors prove reluctant to bid for the whole company.
Colonial has also cleaned up its balance sheet with the entry of new shareholders such as billionaire industrialist Juan Miguel Villar Mir, chairman of builder OHL.
Villar Mir has been buying into Spain's property and wind power sectors, snapping up bargains in sectors where share prices have been pummeled in a six-year economic slump.
Shares in Realia were 5.8 percent higher and Colonial was up 1.6 percent.
A source familiar with the matter said a deadline set by FCC and Bankia for the sale of their Realia stake had been extended to July 31.
FCC declined to comment. Bankia was not immediately able to comment. ($1 = 0.7437 Euros) (Reporting by Sonya Dowsett and Andres Gonzalez; Editing by David Holmes)