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Shareholders place land to the value of € 1,250 million in Metrovacesa

Santander, BBVA and Popular strengthened their participation in Metrovacesa Land and Development with 1,250 million euros, within a non-monetary capital expansion transaction resulting in the transfer of about 300 plots of land from their portfolios to the real estate giant. 

Metrovacesa evaluated the assets coming from their shareholder banks, in a process which is almost finished, and which will have as its main ‘’consequence’ its position as the biggest housing developer in Spain. The shareholder structure remains unchanged, as in this capital expansion one of the banks has contributed assets of a value proportional to their actual stake in the company, or specifically, Santander with  70.3%,  BBVA with 20.5% and Popular with 9.2%.

Most of the approximately 300 assets now incorporated into Metrovacesa correspond to land approved and ready for building and just one part corresponds to works in progress and lands in development.

This transaction should be ratified at the next shareholders’ meeting at Metrovacesa.