6/05/2014 – Expansion
The biggest French insurance company´s branch, Axa Real Estate, is exploring the purchase of a Cadiz-based luxury real estate firm, Sotogrande, put up for an auction by the NH Hoteles chain. The transaction price is said to reach €200 million.
The hotel chain sells a large part of its resort assets (including a golf course, hotels and developable land). Several entites, mainly foreign funds, are genuinely interested in the sale.
Last year, Axa Real Estate acquired a lot of 13 buildings from the Catalonian Government for €172 million. Axa has also done business with the NH Hoteles from which it bought the Gran Hotel Krasnapolsky in Amsterdam for €157 million.
The real estate division manages around €47 billion in assets. On the other part, the NH Hoteles urgently needs to cut in €700 million debt.
The hotel chain holds 97% of Sotogrande whose shares appreciated on the stock exchange market by 55.97% in 2014. On Friday, they sold for 4,18 Euros a share with estimated total value of the firm of €187 million.
Original article: Expansión (by Elisa del Pozo)
Translation: AURA REE