Real Estate Sell-Off In Keeping With FCC's Core Strategy

CFW View: Spanish construction firm Fomento de Construcciones & Contratas's (FCC) decision to divest EUR460mn in domestic real estate assets is indicative of the company's strategy to offset domestic weakness through international expansion. While significant success has been made on this front - particularly in the Americas - the company's net debt remains high. Indeed, with conditions likely to remain challenging for the industry over the coming quarters, particularly in Europe and the US, non-core asset divestment is likely to remain a key tool for deleveraging firms such as FCC.

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