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Spanish real estate developer mulls IPO to expand homebuilding business

Real estate developer Metrovacesa is mulling an IPO on the Spanish stock exchange as it looks to expand its homebuilding business in the country, Property Investor Europe reported, citing company CEO Jorge Pérez de Leza.

The company will be the third property developer to go public in Spain since the global financial crisis, after the listings of Neinor Homes SA and Aedas Homes earlier in 2017. Metrovacesa was delisted from the exchange in 2013 by its owners Santander, BBVA and Popular.

The company holds assets worth more than €2.6 billion and a land portfolio of more than 6 million square meters, which could accommodate 40,000 new homes, the Dec. 15 report noted. Metrovacesa has launched 2,500 residential units so far in 2017 and is set to deliver 5,000 homes per year from 2020.

The company also signed a €275 million corporate facility with a group of banks in December to lower its borrowing costs, the publication added.