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Metrovacesa Lost €163 Million in 2020 Following a Decrease in the Value of its Assets

The property developer saw its losses soar in the year of Covid from 4.5 million euros a year earlier, after recognising a provision of 135 million euros for the impairment of its portfolio.

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Metrovacesa, the property developer owned by Santander and BBVA, was the first of the large real estate companies in Spain to present its results for 2020, a year dominated by the impact of the Covid-19 coronavirus around the world.

The unprecedented circumstances had a significant impact on the growth of the company, which was relaunched in 2017 by the aforementioned entities (together with the now-defunct Popular), with the creation of the largest land portfolio in Spain.

Read the full article in Spanish.

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