British bank Barclays has acquired a 6.98% stake in Spanish property giant Metrovacesa after exercising options on shares held by the group's former owners, the Sanahuja family.

In a statement to the stock market regulator CNMV, Metrovacesa said that Barclays has bought 4.8 million Metrovacesa shares worth EUR 46.29 each from the Sanahujas' investment holding Cresa. The operation was aimed at cancelling part of the EUR 220 mln in debt owed by the Sanahujas.

In February last year, the Sanahuja's main creditor banks, including BBVA, Banesto, Santander, Caja Madrid, and Banco Popular, took control of the company through a debt-for-equity swap. The Spanish family, which held 80.6% of Metrovacesa, handed over a 55% stake in the troubled company in exchange for EUR 2.2 bn of debt.

Following the deal with Barclays, the Sanahujas hold just 22.67% of Metrovacesa, from 80.6% held a year ago. Cresa has an option to buy back the shares for the same price until April 2013.