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Spain's Realia says to take a loss on French unit stake sale
May 20, 2014 / 8:37 AM / 4 years ago

Spain's Realia says to take a loss on French unit stake sale

MADRID, May 20 (Reuters) - Spain’s Realia said on Tuesday that the sale of its 59 percent stake in French property investment group SIIC de Paris would reduce its net debt by just over 1 billion euros ($1.37 billion) and involve a loss.

The Spanish real estate company said earlier on Tuesday it had agreed to sell the holding to France’s Eurosic.

Realia said it would bank 559 million euros from the sale, a discount to the 641-million-euro book value of the stake and implying a loss of 82 million euros. ($1 = 0.7289 Euros) (Reporting by Sonya Dowsett, Writing by Sarah White, Editing by Paul Day)

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