Real States The brick, forced to reinvent itself.

The depreciated assets that are covering part of the debt of property developers are just a temporary patch that could turn against them, the banks and the savings banks. Selling them is not easy, but refinancing the debt and holding on to the assets is not advisable....  Read more [+]


The Best of Real States
 
Colonial. A radical turnaround
In just one year Colonial has managed to reduce its debt by 2,094 million Euros to 6,400 million Euros (in September 2008 its debt totalled 8,494 million Euros). The debt was reduced through the issue of convertible debentures for 1,311 million Euros, the partial execution of the sale of 33% of its subsidiary, SFL, and15% of FCC (1,043 million Euros in total), agreements to sell land and residential property to financial entities for 327 million Euros and the sale of other assets for 291 million
 
Metrovacesa. Weighed down by assets.
Controlled by its creditor banks since 2008, the company holds a debt of 6,202 million Euros. The depreciation of its assets has undermined a 2009 which, in September, stood at 508 million Euros in revenue.
 
Reyal Urbis. A difficult refinancing.
Its 850 million Euros in revenue in the first nine months of 2009 (Ebitda of 19.5 million Euros), improve the crimson colour of its accounts. Although it still needs to refinance a debt of 4,800 million Euros.
 
 


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