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Metrovacesa receives two offers for Gecina stake: report
November 11, 2013 / 12:45 PM / in 4 years

Metrovacesa receives two offers for Gecina stake: report

MADRID (Reuters) - Two funds have put in non-binding offers for Spanish property firm Metrovacesa’s 26.7 percent stake in French peer Gecina (GFCP.PA), Expansion newspaper reported on Monday.

Blackstone BLCK.L and a Canadian pension fund put in an offer by a deadline on Friday, as did Orion with Credit Agricole’s (CAGR.PA) insurance arm Predica, the paper said.

Metrovacesa’s public relations company Report Comunicacion said the company did not have an official response to the report.

No one at Blackstone and Predica was immediately available for comment. Predica currently owns 8.37 percent of Gecina.

Gecina’s shares were down 1.25 percent in midday trade on Monday, at 96.6 euros per share.

Metrovacesa was taken over by Santander and other creditors after Spain’s property market crashed in 2008 and it could not make payments on debt. Two other Spanish investors that hold 31 percent of Gecina declared bankruptcy a year ago.

Gecina’s market value is currently around 6 billion euros, making the stake worth some 1.6 billion euros. Santander <SAN.MC and JP Morgan (JPM.N) are advising Metrovacesa on the sale.

Reporting by Fiona Ortiz; Editing by Greg Mahlich

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