Metrovacesa SA (ES:MVC) has released an update.
Metrovacesa S.A. has reported a related party transaction involving a developer loan and a confirming contract with Banco Bilbao Vizcaya Argentaria, S.A. (BBVA), a significant shareholder in the company. The developer loan of approximately €14 million, intended for the Residential K2 project in Seville, comes with a mortgage guarantee and an interest term based on Euribor plus 290 basis points, with a term of up to 30 years. The Audit Committee of Metrovacesa has prepared a report assessing the fairness and reasonableness of the transactions.
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