Fadesa Immobiliaria, a real estate company, has filed for the first Spanish initial public offering (IPO) for two years in an offer led by Banco Bilbao Vizcaya Argentaria (BBVA), Credit Suisse First Boston (CSFB), and Morgan Stanley.

The three banks are joint global co-ordinators and bookrunners of the IPO in which Fadesa is planning to sell a third of its shares, according to a filing with the Comision Nacional de Mercado de Valores (CNMV), the Spanish regulator.