Inmobiliaria Colonial SA does not rule out further acquisitions following its Societe Fonciere Lyonnaise buy last year, CEO Juan Jose Bruguera said.
Speaking to reporters at a presentation of full-year results, Bruguera said: 'If an opportunity comes along, we could consider it,' but added that the company will continue to focus on its core rentals business in 'mature markets.'
He declined to specify any target market, noting that 'we´ll go where the business is.'
As far as Colonial´s housing sales activities are concerned, Bruguera ruled out any operations outside Spain.
He highlighted the group´s 'flexible' financial structure, adding that Colonial is targeting gearing of below 50 pct in 2005, compared with 52 a year earlier.
Turning to the outlook for Madrid´s office market, director of strategic planning Albert Casajuana said there are 'clear expectations' for a recovery in the rental prices in 2005, as demand picks up.
Prices are also expected to increase in Colonial´s other two main markets -- Barcelona and Paris, he added.
'But since rental prices have declined more in Madrid, it´s likely that the increase there will be greater,' Casajuana said.
Bruguera said Colonial plans to cut its SFL stake to 70-75 pct from 85 pct currently over the medium term in order to raise the French company´s free float.
He declined to give details on how the share sale will be carried out.
'SFL´s free float is small...so we plan to dispose of about 10-15 pct,' Bruguera said.