Endesa, a Spanish utilities company, is selling E1 billion ($1.21 billion) of undeveloped land and real estate. The company is divesting the properties in order to meet financial obligations to its shareholders as part of a bid to avoid a takeover by Gas Natural last summer, a spokeswoman said. Bolonia Real Estate, formed last year as part of Endesa’s deal with its shareholders, will manage the divestiture.
Bolonia sold E122 million of properties in 2005. The current divestiture includes more than 32 million square feet of land and non-core properties. The properties include former office and distribution centers as well as abandoned mines, but most of the land is undeveloped, the spokeswoman said. Of the developed property, about 55% is residential, 33% office, 4% commercial and 8% is hotel and catering related. The properties are located mostly in Catalonia, Andalusia, the Balearic Islands, the Canary Islands, Galicia and Aragon.
The land include an oceanfront special in Barcelona. Any development there would be the largest since the 1992 Olympics, the spokeswoman said. Other prime space is in Palma de Mallorca and oceanfront land in Malaga. Bolonia is overseeing 30 development projects in Catalonia, Andalusia, the Balearic Islands, the Canary Islands, Galicia and Aragon and wants to work with the buyers or developers to establish new uses for the land.