Asentia changes course and heads towards value generation
Its property development activities will kick off with developing its land.- Its current shareholders have showed their commitment to the company by converting over 80% of its debt into equity.
- The company's debt has dropped from EUR 1 billion to EUR 160 million.
- Asentia is to develop its land, which currently consists of over 1,500,000 m2, with EUR 200 million expected to be invested over the next six years.
- The new Asentia has become separate from its former shareholder Colonial, the real estate company.
Madrid, 9 June 2015. Asentia's debt refinancing agreement was signed in Madrid on 28 May. This represents a milestone in the history of the property company, as from now it will become a developer, focusing on developing its own land, and a third-party property assets manager.