Month: January 2014

Renta Corporación Approves Convention Proposal With Three Payment Options

According to the news brought about by the CNMV today, the joint convention has been allowed to enter the procedures by the Court number 9 in Barcelona, on 29th of January.

The convention establishes three alternative ways of payment in respect to the ordinary and subordinate credits.

The first alternative presents a proposal on gradual removal of the credit amount and a payment with growing annual quotes up to 8 years time.

The ´B´option consists of a conversion of Renta Corporación Real Estate SA (RCSA)´s credit into assets, keeping the debt as a participatory debt.

The loans embraced in the third alternative will be converted into participatory debts or maintained in the said nature and will be met when they are integrally met in total of the obligations assumed by the creditors affected by the previous alternatives.

Original article: Expansión 
Translation: AURA REE

Bankia to Give Liquidity to Its Real Estate Shareholders in February

According to the information provided today by the CNMV (the National Stock Market Commission), awaiting the final decision aiming at facilitating the leave to the shareholders in the operation, the entity will open a liquidity window for them in February.

During this month, the investors will not have to pay either the commission, or the discount to collect their investment and, if that is not done now, they will be able to recover the money when they ask for it. (…).

Current patrimony of Bankia Inmobiliario FII is worth €291 million, 98.03% of which is held by Bankia, and the remaining 1.97% belongs to 898 other shareholders. Each one invests €6.000 and altogether bring about €5.7 million.

Original article: Expansión (EFE)
Translation: AURA REE

H&M Launches New Homeware Line in Tarragona

On the 27th of Febuary, fashion chain H&M will open the first place to sell its homeware collection (bathroom, kitchen, living room and bedroom), situated in the Parc Central shopping center in Tarragona. Once the retrofitting finished, H&M´s shop will have 2.800 square meters. It will be one of the biggest and the best equipped in the country. That justifies the city choice in order to install H&M Home inside a three-store shop.

(…) After Tarragona – where about 25 people will find a job – the company foresees other openings of this line in several spots in Spain. (…) Also, the Swedish group invests in renovation of its existing shops, beginning with the ones located at 2 Plaza Norte Street in Madrid, at 2 Gran Vía Street in Barcelona and 2 Plaza Mar Square in Alicante (…).

The textile company earned on its 150 establishments in Spain 4% more in 2012, reaching 683,255 millon Euros. (…) Last year, in Spain only, it opened 13 new establishments and closed 3. (…).

 
Original article: Expansión (A. Zanón / R. Ruiz)
Translation: AURA REE

H&M Launches New Homeware Line in Tarragona

31/01/2014 – Expansion

On the 27th of Febuary, fashion chain H&M will open the first place to sell its homeware collection (bathroom, kitchen, living room and bedroom), situated in the Parc Central shopping center in Tarragona. Once the retrofitting finished, H&M´s shop will have 2.800 square meters. It will be one of the biggest and the best equipped in the country. That justifies the city choice in order to install H&M Home inside a three-store shop.

(…) After Tarragona – where about 25 people will find a job – the company foresees other openings of this line in several spots in Spain. (…) Also, the Swedish group invests in renovation of its existing shops, beginning with the ones located at 2 Plaza Norte Street in Madrid, at 2 Gran Vía Street in Barcelona and 2 Plaza Mar Square in Alicante (…).

The textile company earned on its 150 establishments in Spain 4% more in 2012, reaching 683,255 millon Euros. (…) Last year, in Spain only, it opened 13 new establishments and closed 3. (…).

 

Original article: Expansión (A. Zanón / R. Ruiz)

Translation: AURA REE

Barclays to Sell More Offices

31/01/2014 – Expansion

 The bank announced yesterday the leave of Jaime Echegoyen, the CEO of the entity in Spain since 2011. (…). He will be substituted by Antonio Castro and Claudio Corradini.

The group pointed out that the bank´s restructuring has practically come to an end. Now the entity aims at focusing on clients of high-income and premium rents. 890 employees have already been dismissed and 160 branches deregistered, among which 146 offices have been closed and 14 sold to Caja Rural from Castilla – La Mancha.

Nonetheless, the financial sources claim that Barclays might keep reducing its retail network and sell more offices in lots similar to the one sold to Caja Rural. Barclays denies conduction of any operation right now, however some movement could be observed by the end of the year. (…).

 

Original article: Expansión

Translation: AURA REE

Mango to Open Mega Shops in Madrid´s Golden Mile

 Fashion brand Mango announced yesterday acqusition of two properties in Madrid with view on opening new shops.

The two buildings are situated in the most vivid commercial areas of Madrid: on Serrano and Orense Streets. In the Milla de Oro madrileña, Mango bought the buling at number 60, of 8.100 square meter space that has already changed the owner in summer. That time, the British fund Meyer Bergman paid 50 million Euros for it to La Caixa that left the ground floor premises of 2.500 m2 soon after.

There, the company chaired by Isak Andic will place its traditional clothing lines plus its new Mango Kids, Mango Sport&Intimates and Violeta by Mango. The fashion brand is said to have paid 60 million Euros for the property, advised by Cushman & Wakefield. (…).

The Orense Street

The other building acquired by Mango is located at 13 Orense Street. It has got 3.000 square meters of space, 2.500 of which are destined for sales.

Both shops will be opened in September 2015 (…).

The purchases add to other investments of Mango in Bilbao (the acquisition of old premises of BBK on the Gran Vía Street for 40 million Euros).

The Spanish textile group close the fiscal year 2012 with sales of 1.691 millon Euros, about 20% more, and the net gain of 113,4 millon Euros.

 
Original article: Expansión (Rocío Ruiz)
Translation: AURA REE

Macro Hotel Operation in Plaza de España

After the investment drought in Spain, the real estate projects revive, especially in Madrid. The City Council decided to convert the Plaza de España Square into a hotel spot. The idea has been already picked up by four investor groups. The new vacancies will be brought mainly to the old Hotel Plaza, the Torre Madrid, the buildings situated at the numbers 3, 4 and 5 and the old trade premises of the Compañía Asturiana de Minas, (…).

“In light of the heat of the nascent economical recovery and the confidence that the square will be thoroughly renovated, the buildings surrounding the square, now unused, will become an object of desire”, say sources with knowledge of the session. (…).

This hotel macro project can provide more than 1.000 new hotel beds in the Spanish capital. The investment seems quite large if one considers addition to the 45.000 existing ones.

Hotel in Torre Madrid

Last week, the City Hall granted a hotel licence to open a 10-store hotel inside the Torre Madrid building which will be developed by Metrovacesa. (…) Right now the hotel has got 14 floors and the 4 remaining stores will be transformed into private houses. The developer plans creation of 259 rooms on  22.200 square meters. (…).

(…) The buildings at 3, 4 and 5 Plaza de España Square have been vacant since October 2012 and demolished. (…) The VP Hoteles Group obtained a licence for construction of a 4-star hotel, with 302 rooms on 20.000 square meters. (…).

The third project targets at number 8 of the spot, a building hosting Compañía Asturiana de Minas firm before. It belongs to the Mutua Madrileña. (…). The Teatro 1898 Group is interested in developing the unit. (…).

The last building is the most emblematic in all the Plaza de España Square: the old Hotel Plaza. The front part is owned by the real estate branch of Grupo Santander that acquired it in 2005 after paying 400 millon Euros to Metrovacesa. (…). The recession botched the plan to convert it into dwellings with which Santander charged Foster + Partners and Estudio Lamela Arquitectos studios. The building is a listed one. (…).

At present, the localization is intended for hotels, homes and tertiary sector. (…) The hotel installed there will cover 67.000 square meters of developable space, distributed among 28 floors (…). The property is worth 224 million Euros.

Original article: Expansión (Bernat García)

Translation: AURA REE

Blackstone & Natixis Enter Gecina Challenging the Spanish Justice

31/01/2014 – Cinco Dias

Blackstone, one of the biggest private equity company in the world, acquired 22,9% of Gecina´s capital, the largest French real estate firm. The assets taken over by Blackstone have been in hands of Joaquín Rivero and Bautista Soler, that together owned 31% of Gecina. The U.S. firm bought 14,4 millon assets of Gecina, equal to 22.98% of the capital. Also Ivanhoe, Caisse de depot et placement du Quebec fund is taking part in the transaction.

French bank Natixis has acquired another 4,9% of Gecina, also from the two businessmen. (…) Together, Blackstone and Natixis possess 27.8% of the company, apparently more than Metrovacesa, owning 27%.

The acquisition has been approved by a court in Luxembourg, once rejected by a Spanish legal institution. (…).

Original article: Cinco Días (Alberto Ortín Ramón)

Translation: AURA REE

De Luna Leaves Sareb & Receives 3-Month Ban on Work Within Sector

30/01/2014 – Expansion

Walter de Luna leaving Sareb news has been officially confirmed. The managing director handed his resignation over to the administrative board of the real estate company yesterday, because of the dissent between him and the chairwoman, Belen Romana.

Due to the resignation, De Luna, earning around half a million Euros anually, will not receive any compensation. The ex-executive received a three-month incompatibility period, during which he cannot be hired by any of the companies related to Sareb. In the last weeks, De Luna has been interviewed by some of the major opportunistic funds interested in investment in Spain.

Sareb has already launched an offer to substitute the ex-CEO. (…).

Original article: Expansión

De Luna Leaves Sareb & Receives 3-Month Ban on Work Within Sector

Walter de Luna leaving Sareb news has been officially confirmed. The managing director handed his resignation over to the administrative board of the real estate company yesterday, because of the dissent between him and the chairwoman, Belen Romana.

Due to the resignation, De Luna, earning around half a million Euros anually, will not receive any compensation. The ex-executive received a three-month incompatibility period, during which he cannot be hired by any of the companies related to Sareb. In the last weeks, De Luna has been interviewed by some of the major opportunistic funds interested in investment in Spain.

Sareb has already launched an offer to substitute the ex-CEO. (…).

Original article: Expansión