Month: October 2013

Reyal Urbis sells the mall ABC Serrano in Madrid for 60 million Euros.

The real estate company Reyal Urbis is finalizing the sale of the jewel of the crown of the group, the mall ABC Serrano in Madrid, to the fund managing company IBA Capital Partners, for 60 million Euros. The negotiations between the company and its creditor bank Eurohypo (now Hypothekenbank Frankfurt) on one side and with the IBA Capital group on the other side, are very advanced, waiting to finalize the steps of a very complicated operation. As Reyal is in creditor´s meeting, all creditors and the judge that manages the procedure need to confirm that the sale will not harm the company or any creditor.

The real estate company controlled by Rafael Santamaría requested the creditor´s meeting in February after failing to reach an agreement with banks to refinance a debt of nearly 4000 million Euros. Since then, Reyal, along with the bankruptcy receivers (BDO and the Inland Revenue) look for a way to pay banks.

The sale of the mall would allow Hypothekenbank to recover part of the debt with Reyal Urbis, as the institution is the owner of the mortgage on the building. Reyal Urbis has a debt with the German bank of 145 million Euros, according to financial sources. The operation, that includes an office building on number 25 of the Avenida de San Luis in Madrid, would reach 100 million Euros.

The new owner of ABC Serrano is IBA Capital Partners, a managing company made of different international investors, which came to the fore after acquiring a building of El Corte Inglés in Barcelona in July for 100 million Euros. At that time the company assured that it planned to invest up to 500 million Euros in prime assets in Madrid and Barcelona.

ON the 30th June, Reyal had assets valued at 2419 million Euros, 2315 million of which are land (nearly 90%) and properties.

Sareb hires four real estate companies to commercialize its luxury portfolio.

Sareb is now hiring new agents in the market to improve its results. It has turned to four important real estate companies to guarantee the sale of properties of the Paramount portfolio, the one with the jewels of the crown. It includes a selection, which will grow, of 35 luxury properties, some of them valued in more than three million Euros, which reach a total of 38,2 million Euros.

The designated real estate companies are Gilmar, Jones Lang Lasalle and the commercial partnership between Catella and Rimontgó. A group selected for their experience in the high range business, with influence in different regions and with international customer networks. All four companies will work on commission to commercialize different parts of the portfolio, which include hotels, apartments and villas, scattered in the Balearic Islands, Costa del Sol, Catalonia and Madrid.

With more than 25 years in the market, the Spanish company Gilmar specializes in the commercialization of luxury properties located in the best areas of Madrid and Costa del Sol. Gilmar also collaborates with Sareb in the sale of other assets with a lower value.

Listed in the New York Stock Exchange, Jones Lang Lasalle is a financial services firm specialized in the real estate sector. The firm has been chosen because it operates in 70 countries with a network of 1000 branches. This company also offers some plots sold by Sareb in Madrid.

Finally the last mandate has been awarded to the tandem made of the real estate companies Catella and Rimontgó. The first one, owned by the multinational company Catella Group, intends to take advantage of its presence in continental Europe and its partnership with the British consulting firm  Strutt & Parker to sell some luxury residences located in Mallorca, Alicante and a castle in Bienés (Huesca)

Rimontgó, present in the luxury residential market since 1959 stresses that its online marketing platform, a leader in Europe and its exclusive portfolio of customers have allowed in only 15 days, several visits and offers. They commercialize 16 assets in their web.

“The type of customers ranges from businessmen, University professors to ambassadors and we also have investors in a growing percentage, especially in the last six months”, Jose Luis Perez Cremades, managing director at Gilmar, explains. The international buyers change depending on the area, with South American fortunes closing operations in noble neighborhoods in Madrid and tycoons from Central and Northern Europe in the Costa del Sol. (…)

Blackstone and Goldman compete for the 1500 subsidized properties in Madrid.

In this case, the US venture capital firm Blackstone and the US bank Goldman Sachs have been selected to compete in the final stage for a lot of 1458 subsidized homes of the Region of Madrid, managed by the Housing Institute of Madrid.

The properties are rented and are scattered throughout the whole region, as informed by Bloomberg.

The starting price of the lot being auctioned is of 67,2 million Euros. The properties, which are occupied in 94% present, however, a default rate of 21%. The operation is planned to be closed in November.

As announced by the Regional Government a few months ago, the operation will not affect the tenants of the properties, which will continue in the same conditions and an average rent of 200 Euros. 70% of the 1500 homes protected by the Housing Institute are rented and 30% are rented but with a purchase option and in both cases, the right of the tenant to buy the property at the agreed price will be respected.

The regional Government will also transfer 1588 garage spaces, 443 storage rooms and 45 trade premises in 12 municipalities in the region. (…)

The earnings of these operations will be destined to social policies, the Government announced. (…)

A Mexican investor acquires 253 Sabadell branches.

A group of investors led by Moisés El-Mann has acquired 253 branches which are rented to Banco Sabadell, in the first great real estate operation of that Mexican businessman in Spain. El-Mann and his partners will pay 290 million Euros for those branches, located mainly in Madrid and Barcelona to Moor Park Capital Partners.

This British fund acquired 378 branches from Banco Sabadell in 2010 for 405 million Euros, with a rental agreement for 25 years. Before the agreement with Moisés El-Mann, who inherits the rental agreement with Sabadell until 2035, the firm Moor Park Capital had already transferred 125 offices to other investors. Sources close to Moor Park Capital assure that the firm is looking for new real estate opportunities in Spain, after having emptied its portfolio of Sabadell branches.

Moisés El-Mann also intends to develop new operations in Spain and other European countries to diversify the presence in the national market. This investor participates in a real estate company in Mexico, called Fibra Uno, which has commercial, industrial and office properties with a surface of 3,2 million square meters.

Clifford Chance, Garrigues and CBRE have assessed Moor Park, while Santander and Uría Menendez have done the same with El-Mann. (…)

Bankia predicts a boost in the sale of properties before 2014.

Bankia was able to commercialize nearly 2000 assets through Sareb in the first nine months of 2013 and awaits a boost in sales for the last quarter of 2013. A forecast carried out by its general director, José Sevilla, during the presentation of quarterly results. As explained by Sevilla, another 2000 properties should be sold before the end of the year. This would mean selling more in the last quarter of the year than in the previous three quarters. This indicates that any business related to Sareb will increase and grow.

He has also indicated that this pace in sales does not imply a change in the price policy or a new strategy. (…)

After the venture funds, the core funds arrive.

The venture funds are not the only ones flying over Spain. The last operations confirm that the core funds have already landed in the market, more conservative investors that look for more security in their bets. This denomination includes German banks and saving banks managing firms, pension funds and South American big family offices.

Deka, investing arm for German savings banks, has acquired assets in Madrid and Barcelona; the Canadian pension fund CPPIB has acquired a mall in Asturias; and Fibra Uno, a fund where Mexican fortunes invest, has closed the biggest operation of the year after acquiring Sabadell´s offices from Moor Park for 300 million Euros, assessed by CBRE.

“When the core funds land in a market it is presumed that an adjustment in rents has taken place and that the labor market has stabilized”, Ignacio Fonseca, expert in investment from the capital markets department at CBRE, points out. (…)

There is one fund still waiting to arrive: the sovereign fund. Apart from two specific operations – acquisition of the hotel Vela in Barcelona by the fund Qatar Diar and the purchase option for the Foster Tower by a fund from Abu Dhabi – these investors arrive slowly to Spain. “They are searching for something different. They focus on the yield of the asset more than on the price. But there is no such a big market in Spain”, Jose Carlos Torres, director at Zaphir Asset Management, explains.

Funds have 20.000 million Euros to acquire buildings in Spain.

The Spanish market has shifted from being a source of worry to being the focus of the biggest international investors. A sign of this is the entrance of Bill Gates in FCC or the renovated interest of foreigners in real estate assets, a sector they fled from in 2012.

These funds have at least 20.000 million Euros available to invest in the construction sector and other banking assets in Spain, according to sources close to these investors. These figures exceed the 14.000 estimated by the consulting firm Knight Frank, as it only takes into account real estate investments for the next 12 months.

Blackstone, the greatest venture capital managing firm globally, has closed recently a fund that could invest up to 5000 million Euros in the Spanish construction sector and another 5000 million Euros in other assets, according to financial sources. Cerberus, a great vulture fund, could allocate 3000 million Euros more to Spain after the acquisition of Bankia Habitat. Another great fund such as Apollo has 1000 million Euros reserved for this market. And according to sources close to Savia, the recovery platform from Javier Botín, son of the president of Santander, there would be investment commitments from US hedge funds for 1000 million Euros.

But these are only the tip of the iceberg. There are more than one hundred foreign funds studying acquisitions in Spain and the orders are to get the biggest piece possible of the cake. Most of them “have already the approval from their boards to invest 250 million Euros in the Spanish real estate sector in the next 12-24 months”, Borja Oria, executive at Arcano Investment Banking, declares.

The key change in the Spanish market has taken place since Easter, the experts explain. “It is cheap to invest in Spain. It is in fashion and the reforms carried out are valued, especially the labor and finance restructuring ones”, Jose María Pinedo y de Noriega, managing partner at Auren Finanzas Corporativas, declares.

The relief of the Euro crisis has also helped: “The disappearance of the Euro risk has prompted the arrival of private funds and investors from South America and countries such as Switzerland, Luxembourg or China”, Juan Antonio Gutierrez, managing partner of the Mazabi family office, declares. Operations such as Bull Portfolio from the bad bank also help to improve the international image from Spain. (…)

Bankinter joins those banks financing the acquisition of assets from Sareb.

Bankinter has joined today the list of banks that offer their customers financing to acquire assets from Sareb. Bankinter has explained that it will offer the same conditions and the same risk criteria than those of its mortgage 1,95%, which has an interest rate of 3,90% during the first year, after signing an insurance for the protection of payments or of 4,20% without the signing of this product.

The agreement has been signed today by the general director of Commercial Banking of Bankinter, Fernando Moreno, and the managing director of Sareb, Walter de Luna, who has pointed out that the fact that buyers are able to choose from a bigger range of mortgages will have a positive effect on sales. Moreno has indicated that with this agreement the bank wishes to meet the demand of financing of families and companies, while at the same time it reveals the trust and commitment with the objectives of Sareb.

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