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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.

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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