Spanish property group Bami has reached an agreement with BBVA bank to buy the bank’s 23.9% stake in Metrovacesa. This will give Bami full control of its rival company, according to inside sources.
The details of the operation will be officially announced on 4 June. The deal will make Bami the second largest real estate group in Spain, after Vallehermoso, which was recently acquired by the construction group Sacyr.
Meanwhile, some property investors maintain that shares in the sector are too expensive to buy at present. This opinion is not shared by Merrill Lynch, however. This US firm pointed out in a recent report that “Spanish property shares have risen by more than 25% so far this year, but are still well below the net asset value”.
El Pais, 04 June 2002
