February 25, 2013 / 7:52 AM / in 5 years

Spain's Villar Mir studies bid for Colonial - report

MADRID, Feb 25 (Reuters) - Spanish entrepreneur Juan Miguel Villar Mir is studying the acquisition of indebted real estate firm Colonial’s commercial property business, website El Confidencial reported on Monday, citing unnamed sources.

Colonial, with debt of nearly 3.5 billion euros ($4.6 billion) and assets worth 5.2 billion, created a new unit called Asentia in 2011 to hold its toxic real estate assets, separating these from the healthier parts of its business.

Colonial has said it expects to soon begin refinancing talks with creditors on debt that comes due in 2014. It posted a 201 million euro net loss in the nine months through September.

Villar Mir is also the owner and chairman of Spanish infrastructure company OHL.

Colonial declined to comment on the report, while a spokesman for OHL said he was not in a position to comment. ($1 = 0.7598 euros) (Reporting by Tracy Rucinski and Tomas Cobos; Editing by David Holmes)

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