Tuesday, September 29, 2009

Ferrovial Nearing EUR 43 Million Sale Leaseback of Madrid HQ

Reuters - September 29, 2009

Spanish construction-to-services group Ferrovial (FER.MC) said on Tuesday it had received various offers for its Madrid headquarters on a sale and leaseback arrangement.

The firm was considering the offers for the headquarters in Principe de Vergara, said a spokesman.

"Our core business is not property," he said. Ferrovial is an infrastructure company with operations in 48 countries in a range of sectors including construction, airport, toll road, and car park management and maintenance, and municipal services.

A source close to the deal said Ferrovial wanted about 43 million euros (USD 62.6m) for the building.

A number of Spanish companies, including banks Santander (SAN.MC), BBVA (BBVA.MC) and Pastor (PAS.MC), have sold buildings to raise liquidity, leasing them from the buyer. Sphere: Related Content

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