|Type||Public (BMAD: MVC)|
Vitalino Nafría(Chairman of the board, chairman of the executive committee)
|Products||Hotels, retirement and rented accommodation, shopping centres, car parks, commercial property|
|Revenue||€1.627 billion (2005)|
Metrovacesa S.A. is a major Spanish property company, headquartered in Madrid, which was the largest publicly traded real estate developer in the Eurozone prior to the June 2007 creation of Unibail-Rodamco. The company is primarily focused on the leasing of a range of property in France and Spain, which comprises around 80% of its portfolio.
The origins of Metrovacesa can be traced back to 1918 and the foundation in Madrid of the construction firm Urbanizadora Metropolitana, which was one of three companies (Compañía Urbanizadora Metropolitana, Compañía Inmobiliaria Metropolitana and Vacesa) which merged in 1988 to form Metropolitana Vasco Central (Metrovacesa). The interests of the three constituent companies were largely confined to residential and office property, but the newly merged entity expanded across Spain and moved into other assets such as shopping centres and car parks. A merger with the housing development firm BAMI followed in 2000, and the group acquired a majority stake in Gecina, the largest French real estate company, in 2005.
Metrovacesa's portfolio currently comprises a significant number of office blocks, business parks and housing for rent, located primarily in Madrid, Barcelona and Île-de-France, as well as around ten car parks, a similar number of hotels and two residences for the elderly located across Spain.
Recently, the company has branched into Düsseldorf and Frankfurt in Germany, as well as London. In April 2007 Metrovacesa made headlines by paying £1.09 bn for the 210 metre high HSBC skyscraper (8 Canada Square) in London's Canary Wharf complex, the biggest ever single-property deal in the UK. In a move to combat the firm's rising debt, the building was however sold back to HSBC at a £250 million loss in December 2008.
On 14 September 2007 Metrovacesa announced their purchase of the new Walbrook Square development from Legal & General for the sum of £240m (€350m). They planned to invest a further €1400m, and announced that all work was to be completed by 2015. Metrovacesa were to hold the rights for a 250 year lease. However, after they were unable to continue paying their instalments, on 31 July 2009 they agreed to pay Legal & General £100 million in order to exit the contract.
In February 2009, following a €738m loss in the previous year, Metrovacesa's owners were forced to hand control to its creditor banks, swapping a 55% stake for a cancellation of €2.1bn of loans which it could neither repay nor refinance. In 2010 it was the largest shareholder of Gecina (28%).
Metrovacesa's recorded net losses was €89.9m in 2010, and €144.7m in 2011. In December 2012, Metrovacesa was delisted from the spanish stockmarket. The Sanahuja family, owner of more than 80 percent of Metrovacesa, is now in talk with Banco Santander and Banco Español de Crédito regarding the company's €4bn debt, and 54% of Metrovacesa's shares could land in the banks' hands.
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- Seeking a bank deal, Hurriyet Dailynews, 20 Decembre 2012