Spanish property company Colonial has given its lenders permission to put stakes in two subsidiaries up for sale.
The Barcelona-based firm, whose debt is held by Royal Bank of Scotland, Eurohypo, Calyon and Goldman Sachs, seeks to sell its 15% share in development arm Fomento de Construcciones y Contratas, and a 33% stake in French REIT Société Foncière Lyonnaise.
Colonial is looking for €30 a share for FCC. Its current price is €28. A year ago, FCC and SFL shares were €50. SFL shares have also fallen to €28.
Colonial, which faces an end-of-year deadline to reduce its stake in SFL under French REIT legislation, is looking for €35 a share for the Paris-listed vehicle.
