UPDATE 1-Bankia sells Realia stake to Carlos Slim's property group
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MADRID, March 4 (Reuters) - Spain's Bankia said on Wednesday it would sell its stake in real estate company Realia to Mexican billionaire Carlos Slim's property group Inmobiliaria Carso ahead of a full takeover offer for Realia from Slim.
Bankia said it would sell the stake of just under 25 percent in Realia for 0.58 euros per share, or 44.5 million euros ($49 million), a discount of nearly a third to its Wednesday closing price.
Bankia said Carso would launch a full takeover bid for Realia within 9 months at the same price of 0.58 euros per share.
Realia is majority-owned by Bankia and Spanish builder and services company FCC. Their joint stake has been on the market for around a year, but last month FCC said it would abandon the sale of its 37 percent share.
Property investment company Hispania made a takeover offer for Realia in November for 0.49 euros per share, valuing it at 150.6 million euros, around a third less than its then market value.
Indebted Realia, which manages a portfolio of shopping centres and office buildings in prime locations in Madrid and Barcelona, posted a 40 million euro loss in 2014 and a 1.7 percent decline in rents. ($1 = 0.9030 euros) (Reporting By Sonya Dowsett; Editing Sarah White and Jane Merriman)
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