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REALIA to float up to 47.7%

18/05/2007

REALIA to float up to 47.7%

REALIA, the real estate group owned by FCC and Caja Madrid, has unveiled a public offering of 47.7% of capital, equivalent to 31,782,558.48 euro. The placement will consist of two tranches: one international and one domestic. Within the domestic tranche, one-third will be for institutional investors and the remainder for retail investors. The global coordinators are Caja Madrid and JP Morgan. REALIA will be listed on Spain's electronic market (SIBE) from 6 June 2007.

The number of shares offered initially represents 43.44% of REALIA's capital and can be expanded to 47.7% due to the purchase option reserved to the global coordinators.

The total amount of the transaction, excluding the global coordinators' purchase option, is 28,918,595.12 euro, ie. 120,494,148 shares already issued and outstanding.

If the global coordinators exercise their purchase option, the offering will amount to a total of 31,782,558.48 euro.

Initially, 52.10% of the offering is allocated to the international tranche, 31.27% to the retail tranche 15.63% to qualified Spanish investors, and 1% to employees.

Applications will be accepted from 18 May. Applications will be pro-rated on 4 June, when the shares will be priced. Trading is expected to commence on Spain's electronic market two days later.

The purpose of the offering is to expand REALIA's shareholder base and give it access to the capital markets, which will enable it to raise funds for future growth. REALIA also wishes to enhance its prestige, transparency and image by being listed. This initiative by REALIA will provide its shareholders with more liquidity through trading on the Madrid, Barcelona, Bilbao and Valencia Stock Exchanges (electronic market), while enabling the selling shareholders to monetise part of their assets.