Metrovesa: Might through REIT

Spanish property firms are a ballsy lot. Last year, one of them attempted a raid on BBVA, a Spanish bank 14 times it size. Now Metrovacesa, Spain’s biggest property company, has offered E5.5bn to buy France’s Gecina, a firm twice its size. At least Metrovacesa is staying within its sector. If successful, its unsolicited bid will be Europe’s biggest real estate deal ever. If that sounds impressive, it’s meant to. But it contains an element of macho posturing as well. Metrovacesa’s bite is not as...