ENDESA has decided to set up a new company, Bolonia Real Estate, to oversee its real estate assets. ENDESA owns a variety of property assets deriving from former production plants, mining operations or distribution facilities that are now -or will soon be- idle. In all, the new company will have a land bank of more than 40 million m².
All the properties, which are in different stages of the life cycle, boast strong market appeal.
The initiative underscores ENDESA's ability and commitment to recovering the mining operations and industrial areas in which it has operated. The idea is to reduce the impact on the environment and the area surrounding the sites where ENDESA has operations, helping bring the company closer to the communities where it provides its services.
Since 1998, ENDESA has sold a total of 685.9 million worth of real estate assets, generating capital gains of over 350 million. This equates to an average of 98 million per year over the last seven years. In 2003, ENDESA sold 12 of its main buildings for 385 million.