Hispania’s Profits Fell by 56% YoY in 2018 to €96.5M

28 February 2019 – Expansión

Hispania recorded a net profit of €96.5 million in 2018, down by 56% compared to a year earlier, according to the accounts filed with the CNMV by the listed real estate investment company (Socimi) controlled by Blackstone.

Revenues from rental income rose by 6.8% to amount to €151.7 million, according to the Socimi’s accounts, which were managed by Azora until August, whereas now their management is divided between HI Partners (hotels), Rivoli (offices) and Fidere (homes), all of which are linked to Blackstone. The company is expected to cease trading on the stock market on 1 April.

In September, Hispania’s new management team decided that Azora would no longer manage the three branches of the Socimi, a move that resulted in the early termination of the contract, in exchange for the payment of a penalty amounting to €224 million.

Original story: Expansión

Translation: Carmel Drake

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