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Colonial Records Losses of €26 Million Due to Impairment Adjustments on its Property Portfolio

The valuation of the portfolio owned by the Socimi, which specialises in offices, has dropped by 0.2% to 12.2 billion euros, which has generated losses after seven years of profits.

Edificio oficinas Colonial Recoletos 37 1
Office building owned by Colonial located on Paseo de Recoletos, 37.

The Socimi Colonial, owned by the Mexican group Finaccess, the sovereign wealth fund of Qatar and the Santo Domingo family, closed the first half of 2020 with losses of 26 million euros. The firm has not recorded negative results since the second half of 2013 -when it recognised a loss of 308 million euros – before it deconsolidated its residential business (Asentia) to focus on its property business.

The group’s entry into the red is due to the adjustments made to the value of its assets. As of 30 June, Colonial’s real estate portfolio, which comprises office buildings located in Madrid, Barcelona and Paris (it is the majority shareholder of the French real estate company SFL) was valued at 12.2 billion euros, down by 0.2% compared to the previous half year.

Read the full article in Spanish.

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