Sacyr is looking to generate extra cash in a tough environment with property prices falling, interest rates rising and the continuing credit crunch. The company has said that it is yet to reach any concrete decision over its stake in Repsol YPF.
The company is reportedly one of the most exposed in the contracting construction and property market, with debts of E19.2 billion in June 2008, compared to its market evaluation of E3.5 billion in September 2008.
Sacyr’s share in Repsol YPF is currently worth around E4.6 billion, compared to the E6.5 billion it spent to acquire it in 2006.
