Colonial has nearly 2.6 billion euros war chest for possible acquisitions

ColonialColonial has nearly 2.6 billion euros for possible acquisitions

Spanish property firm Colonial has 2.557 billion euros in liquidity, which can be earmarked for acquisitions amongst other things, according to the daily Cinco Dias, citing the company’s recent H1 accounts presentation.

Colonial has 467 million euros in cash and 2.090 billion in credit lines which have not yet been used, Cinco Dias said.

The newspaper flagged that the Ibex 35-listed Socimi’s management has been saying since last year that it is open to investments within its Alpha acquisitions plan. Furthermore they are prepared to look further afield than their current markets of Spain and France. Since 2015, the group has earmarked 3.870 billion euros for acquisitions, Cinco Dias said.

It recalled that at the beginning of the summer, Colonial’s chairman Juan José Brugera indicated the firm is looking at other foreign markets apart from Paris. It operates via its SFL subsidiary in the French capital. Brugera said Colonial is continuing to study various projects, some inside and others outside. He noted, however, that the most mature office markets in Europe are “France, Germany, England and Spain.”

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