Riofisa up for grabs

According to reports, Carlyle is among several groups that have shown an interest in acquiring property developer Riofisa, one of the assets placed on sale by troubled Spanish real estate asset manager Colonial. Colonial has reached an agreement with its creditors to refinance a total of approximately EUR7bn of debt, including a syndicated loan worth around EUR6.5bn. The two-pronged agreement includes the emission of EUR1.4bn's worth of convertible loans and the sale of non-core assets, namely a 15% interest in construction company FCC, a 15% stake in French business Societe Fonciere Lyonaise, and Riofisa, which is 100% owned by Colonial.

While the group has indicated that there is no specific price for the sale of non-core assets, they are expected to net a total of around EUR2bn.

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