Colonial sees Barcelona property complex sale completed in second quarter (ES)

Inmobiliaria Colonial SA said it expects the sale of a complex with 244 flats, parking spaces and offices to be completed towards the end of the second quarter.

A Colonial spokeswoman said the sale process has now entered the final stage and the property company is analysing a series of binding offers for the assets.

'We´re now in the second phase of the sale process, considering the best offers out of the initial ones we received ... I would expect the sale to be closed around May,' she said.

But the spokeswoman declined to reveal any details on the interested parties or on the value of the deal.

'That´s confidential,' she said.

The sale of the flats which are for rental 'is part of the group´s policy for disposing of non-strategic assets ... Our core business is office rentals,' she added.

Earlier, ABC said the operation is worth around 180 mln eur, noting that the bidders include Banco Santander Central Hispano SA´s fund management unit Banif and Catalan property group Espais.
Source: Freeman

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