Monday, September 21, 2020
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Major Real Estate Firms Post Their Worst Semester Since Stock Market Debuts

In the first half of the year, the companies Metrovacesa, Lar España, Colonial and Aedas Homes recorded total joint losses of 134.7 million euros due to the devaluation of their assets.

The leading listed real estate companies, socimis (Merlin, Colonial, Lar España and Árima) and developers (Metrovacesa, Neinor, Aedas, Realia and Inmobiliaria del Sur), presented their results for the first half of the fiscal year 2020, a period marked by the Covid-19 pandemic and its effects on the Spanish economy and, therefore, on the real estate market.

As a whole, these nine listed companies saw their revenues fall by 6.5% to 764.8 million euros in the first six months of the year. However, Metrovacesa, Lar España, Colonial and Aedas Homes recorded joint losses of 134.7 million in the first half, mainly due to the lower valuation of their portfolios.

Read the full article in Spanish

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