(Adds details, background)
MADRID, Nov 20 (Reuters) - Spanish property investment company Hispania said on Thursday it was considering making a takeover offer for real estate group Realia at 0.49 euros a share, which would equate to about half its market value.
Realia, majority-owned by builder FCC and bailed-out lender Bankia, has been on the market for a year and is one of the few Spanish property groups to have survived the country's 2008 real estate crash.
FCC is selling non-core assets to cut its debt. Bankia has to sell off corporate holdings as a condition of a 2012 state rescue backed by European funds. Both declined to comment.
Hispania's potential offer would value Realia at around 150 million euros (188.00 million US dollar) based on its current share price, which would be roughly half its 324 million euro market capitalisation.
Hispania also said it was in talks with creditors on a possible capital raising at Realia if the deal were successful.
Realia's net debt stood at 1.1 billion euros at end-September, more than three times its current market value. It has offices and shopping centres in Spain, including one of Madrid's landmark leaning towers in the Plaza Castilla business district.
Hispania, which attracted George Soros and John Paulson as investors when it listed earlier this year, said any offer would be conditional on 55 percent acceptance by Realia's shareholders. Hispania was created and listed by Spanish-based private investment firm Azora.
FCC and Bankia together own 62 percent of Realia. Reuters earlier reported Hispania was in talks with FCC over its Realia stake.
Realia shares traded at 1 euro per share before being suspended by the stock market regulator earlier on Thursday. (1 US dollar = 0.7979 euro) (Reporting By Sonya Dowsett; Editing by Sarah White and Jane Merriman)