PIE Events
- German Property Breakfast
14 February 2012
Stockholm
- Distressed Property Breakfast
22 February 2012
London
- Central and Eastern Europe Real Estate Conference
03-04 May 2012
Vienna, Austria
Gecina moves signal Rivero-Metrovacesa struggle continues
French REIT/SIIC Gecina is making a thorough boardroom re-shuffle to bring in representatives of its Madrid-based Metrovacesa senior shareholder, from which it was previously trying to separate. The moves indicate that Gecina CEO Joaquin Rivero, ousted from Metrovacesa in a power struggle, wants to regain control of a combined group or that Spanish banks are insisting on tying in Gecina assets. Madrid sources also told PFE that Rivero and his colleague Juan Bautista Soler, both major shareholders in Gecina, have agreed a `new phase of understanding' with the Spanish company. Gecina last month announced Rivero is relinquishing his chairman's casting vote, and issued a statement refuting allegations that he and Soler have acted in concert.