Carlos Slim’s FCC Inmobiliaria has acquired 13.1% of Realia from CEC. Fomento de Construcciones y Contratas now directly controls 50.1% of the real estate company Realia, having paid an average price of 0.78 euros per share.
FCC also incorporated Jezzine into its capital, a property rental company wholly owned by Soinmob, a subsidiary wholly owned by CEC, in FCC Inmobiliaria. This operation was carried out through a non-cash capital increase.
According to a statement sent to the CNMV, the companies are looking to consolidate themselves into a single, solid real estate group, which will allow for more efficient management. They are also seeking to diversify FCC Inmobiliaria’s risk and geographic opportunities by expanding its business into new areas of operations.