How To Guides
- Childbirth & Education
- Legal Formalities
- Pensions & Benefits
- Property & Accommodation
Did you know...?
... Telefonica are NOT the only service provider of Telephone Lines, Internet Access or Mobile Phones?
Tumbit recommends Telitec Communications. Find out how Telitec Communications can help you here!
- Airports and Airlines Spain
- Paramount Theme Park Murcia Spain
- Corvera International Airport Murcia Spain
- Daily Brief - Friday 29 August 2014
- Corvera, Castellon & Ciudad Real : THIS is how you run a private airport!
- Meet Wincham at The Homes, Gardens & Lifestyle Show, Calpe
- QROPS 2014
- Spain Increases IHT in Valencia & Murcia
- Removals to Spain v Exports from Spain
- The Charm of Seville
- Gibraltar Relations
- Pensioners 'misled' by Co-op Bank
- UK Inflation no problem for Governor Carney
- Retiro Park : Madrid
- Wincham announce opening of Marbella office
- Community Insurance in Spain
- Calendar Girls
- Considerations when Insuring your Boat in Spain
ACS may sell off properties to raise cash
Spanish infrastructure firm ACS may sell some of its property portfolio to raise cash, after a series of costly refinancing deals to preserve its stakes in Iberdrola and Hochtief , online newspaper El Confidencial said on Monday.
ACS, one of the world's largest building and services groups, was in touch with several property funds in the first half of the year to sound out their interest in some of its commercial buildings, such as its own headquarters, as well as that of Dragados, a construction subsidiary, and that of Cobra, one of its technology subsidiaries, El Confidencial said.
The newspaper, citing sources close to the company, said ACS was aiming to enter into sale and leaseback agreements to access liquidity as quickly as possible.
ACS was not immediately available for comment.
The company owes €4 billion on a 14.85% stake in utility Iberdrola worth about €2.9 billion and in July reached a deal with creditor Natixis to cancel a margin call on an equity swap worth €1.4 billion in shares in the energy company.
Spain has fallen into a recession that has left 1 in 4 jobless, after the collapse of its property boom 5 years ago exposed the economy even further to the debt crisis that has engulfed Europe and which could force PM Mariano Rajoy to seek a sovereign bailout.
ACS is one of the worst-performing stocks in Madrid's blue-chip IBEX this year, having lost nearly 43% of its value, compared with a near-18 percent year-to-date drop in the broader index.
Latest News & Stories
- Civil Guards suspected of stealing pro-independence Catalan flag
- Ryanair eyes stake in Spanish Airports listing
- Gibraltar "Costs Spain EU1 Bln per year in Taxes"
- Bank of Spain : Current Account Balance Plummets in June y-on-y
- Spain Cleric : "Death to the Jews"
- Spain Fears Deflation
- Fitch's reviews Murcia's credit rating
- Report Into Number of Foreign Autonomos in Spain
- Happy Birthday Teruel Airport
- Spain on alert over new biker gangs
- How to choose a lawyer when buying your property in Spain
- Choosing an Estate Agent
- An Introduction to Alternative Property Purchase Schemes
- How and where to Register your Property