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 -Tuesday 31 May 2016
- When Expat Eyes Are Smiling
- 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
- Retiro Park : Madrid
- Wincham announce opening of Marbella office
- Community Insurance in Spain
- Calendar Girls
- Considerations when Insuring your Boat in Spain
- QROPS – HMRC Introduces changes that create havoc in the market place
- QROPS – All Change From April 2012
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
- Spanish resort bans “vulgar” stag and hen parties
- Corvera Airport blamed for Murcia's slow economic recovery
- Looming EU referendum casts shadow for British retirees in Spain
- Paramount Murcia investors call for compensation
- Spain Hosts 18 Million Tourists between January and April
- Telefonica unveils portal to help new refugees in Spain
- Orange Spain Wi-Fi calls available on Android phones
- Gibraltar fears Spain border closure upon Brexit
- "Spain Loves Tesla" Campaign Wants To Lure Tesla Factory
- Brexit Will Leave 2 Million Brits In Legal Limbo
- 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