The recovery of the European economy in general, and the Spanish one in particular, starts to have credit among the great international investors. Due to this Blackrock, the greatest managing company of investment funds in the world, has taken a significant acquisition of interest in NH Hoteles, joined by the fund Taube Hodson Stonex (THS), according to sources aware of the operation. Both firms are the same that acquired two participations in Sacyr Vallehermoso in June, thanks to the improvement prospects in our country. In both cases, they have carried out their investments through JB Capital, the broker from Javier Botín, son of Emilio Botín.
These participations, which have to be communicated to the National Share Market Association in the next few days, have been acquired in the last two stock market sessions. On Friday both firms, along with some smaller funds, acquired the 4,3% of the hotel chain in the hands of Novagalicia and BMN at 3,44 Euros per share, for an amount of 46 million Euros, as advanced by El Confidencial. On Monday, this continued with the acquisition of the 5% in the hands of Kutxabank at 3,85 Euros (the value rocketed on Friday thanks to the operation) for 59,32 million Euros. And it could have been much greater if Bankia had agreed to sell the 12,5% of NH to these managing companies, something which was not accepted by José Ignacio Gorigolzarri as he hopes to sell at a higher price.
BlackRock is the greatest managing company in the world based on the patrimony they manage, 3,45 billion dollars (2,6 billion Euros), while THS is a specialized boutique with a volume of 5.400 million dollars (4.401 million Euros). Its main investment bet right now is Spain, as expressed in its webpage, where it assures that ”although it is still trendy to discard Spain, right now it offers the best growth and value opportunities of the developed world.
Regarding NH, the consulted firms assure that it is a company which offers a high reciprocity with the economic recovery in Spain and Europe, as the hotel chain is present in several countries of the Old Continent. It is also a clear example of the way to leave the crisis behind: reduction of debt and sale of assets. The investors think highly of the new managers of the company lead by Rodrigo Echenique, the former “man in charge of everything” of Botin at Santander.
These two firms started their bid for Spain in June, when they joined Sacyr Vallehermoso: BlackRock acquired 3,1% of the capital and THS, 5,9%. At that time the sellers were also former savings banks, which are amid a process of sale of assets, either because they are obliged by Brussels (the nationalized ones), or because they wish to reduce their leverage (all of them).
The construction company is considered one of the companies which will benefit more from the Spanish recovery. It has its own story: it has refinanced its debt until 2015, it is possible that it will sell assets such as the real estate company Testa and Repsol- the origin of the shortfall created by Luis Del Rivero- is near 20 Euros, a level which would allow it to undo its position of 9,38% of the capital without losses and return its enormous debt to banks. (…)