SPANISH REAL ESTATE GIANT NAMES NEW CEO

Spanish property giant, Metrovacesa, announced yesterday that its Chief Executive Officer has resigned. His successor has been named as Carlos Garcia from the construction company FCC.

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In December 2012, the majority shareholders announced that they were planning to delist the company. The Spanish property company announced that Eduardo Paraja, who has headed the company for the last four years, would resign from his duties as the head of the company.

Metrovacesa ran into trouble when Spain’s decade-long housing boom turned to bust five years ago. It has faced stiff competition over the last few years in its efforts to offload property assets and reduce the company debt. Prices of property in Spain have dropped around 40 percent from their 2007 highs and a number of high profile real estate companies have gone bust.

Real estate company, Renta Corporacion, joined the growing list of insolvent companies earlier this week, and Reyal Urbis filed for insolvency just last month.

Metrovacesa’s majority shareholders, including lenders Santander and BBVA, launched a tender offer to buy all outstanding shares and delist the firm in December 2012 at a cost of 99 billion Euro.

Filed under: http://www.theleader.info/article/38307/

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