18/12/2014 – Expansion
After leaving his positions of the vice-chairman and the CEO of CaixaBank back in June, Juan Maria Nin is going to join Azora, a real estate manager who has proposed a voluntary tender offer (VTO) for Realia through its affiliate Hispania.
Mr Nin (pictured) will reinforce the company’s managing board, providing his ample knowledge about institutional investor capturing, financing and corporate design.
In parallel, the executive refused the same position in Austrian entity Erste Bank. The director has participated in administrative board teams of other two companies led by family offices, pharmaceutical and chemical firm Indukern and diet group Naturhouse, which preps for going public in 2015. In addition, Mr Nin still represents La Caixa in Repsol’s and Gas Nutural’s boards of directors. Finally, the executive chairs the Fundación del Consejo España-Estados Unidos (a Spanish-U.S. Foundation) and holds important posts at the University of Deusto and the Fundación Esade.
Sources close to the parties said that the banker has a close relationship with the founders of Azora, Fernando Gumuzio and Concha Osacar, whom he met during his work for old Santander Central Hispano.
Founded in 2003, Azora is specialized in real estate investment, having a 3 billion euro worth of assets under management. Its activity encompasses hotel, office, residential and student residence assets. In this context, Azora defines itself as a leader in rental property management in Spain with a portfolio of 10.500 homes.
In 2013, the Community of Madrid sold 3.000 subsidized apartments to Azora and Goldman Sachs for 201 million euros.
Currently, Azora administers five funds, among which clearly outstands Hispania, a company that went public earlier in March and that relies on truly prominent shareholders, like magnates George Soros and John Paulson.
Hispania debuted with 550 million euros in funds with an aim set at taking advantage of the opportunities emerging from the Spanish property market. During the first nine months of its lifespan, the firm has invested 347 million euros or 65% of the equity. Hispania has purchased an office real estate volume of over 91.000 square meters of gross lettable area in Madrid and Barcelona, 412 homes, and four hotels, two in Madrid, one in Marbella (Malaga) and one in Tenerife, totalling at 639 keys.
Original article: Expansión (by S. Saborit)
Translation: AURA REE