** Shares in Inmobiliaria Colonial COL.MC fall 4% after the Spanish real estate group posted its first half results
** An increased leverage, a 1 billion euro ($1.17 billion) expansion into labs and openness to further international investments signal a potentially overstretched capital strategy, Jefferies says
** "The results reflect solid headline performance but conceal underlying fragilities in capital discipline and transparency," the brokerage adds
** Shares are at the bottom of Spain's IBEX 35 .IBEX
($1 = 0.8518 euros)
(Reporting by Javi West Larrañaga)
((javier.west@thomsonreuters.com; +34 918 35 61 12))