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Spanish property developer Metrovacesa announces intention to float on Spanish stock exchange

Metrovacesa, a Spanish residential developer announced plans this week to re-list on the stock market, according to a recent Reuters report.

The news confirms renewed confidence in the Spanish property market, with a significant resurgence in foreign investment and thriving residential construction levels across the country.

Metrovacesa has a net asset value of 2.7 billion euros and has already appointed banks for its IPO. The company's flotation on Spanish stock exchanges (expected in early February, though not confirmed) is a move to further increase and widen its shareholder base in order to gain access to capital markets and financing for future projects.

According to a statement released to the market regulator, Metrovacesa intend to sell existing shares owned by Spanish banks Santander and BBVA who obtained the majority of the company in 2009 in exchange for the massive debt they incurred during the crash.

BBVA, Santander, Deutsche Bank and Morgan Stanley will act as joint global coordinators and joint bookrunners for the stock market offering. Goldman Sachs and Societe Generale are acting as additional joint bookrunners, the company said in the statement.

A decade after the property bubble burst, plummeting property prices and stagnating sales transactions across the nation, foreign investors are once again pouring investments into Spanish property developments in cities and coastal resorts.

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