FCC and Bankia own 65% of a real estate company called Realia, and they can't find anyone to buy it. Poor management by Realia CEO Ignacio Bayón and 7.6 million euros in Q1 losses don't help the situation. Previously, Inmobiliaria Colonial helped bail out Realia by offering to buy the rental arm of its business, which was its only bright spot.
The rest of the company attracts little interest. Realia is preparing a 650-million euro sell option for a part of its business. But there are conditions. Realia should divest of at least 325 million euros in buildings. Bayón cannot afford to oppose this price, because FCC and Bankia are in a hurry to sell and want to do finish this deal before the year ends.
