Spanish property company Rayet has sold a 1.39% stake in French construction group Eiffage for EUR 41 per share, reducing its interest in the company to as little as 0.2%. The company divested 1.25 million Eiffage shares raising a total of over EUR 51 mln.

In a statement to the Spanish stock market regulator, Rayet said the disposal is part of its debt-reduction programme and in line with a plan to sell non-strategic financial assets. Goldman Sachs managed the sale to a number of institutional investors.

Rayet reached an agreement last month with a consortium of 10 banks for the refinancing of EUR 700 mln in debt due for repayment in five years. Looking forward, the company said it will focus on carrying out the already-initiated construction projects.