Hispania’s Profits Rose By 35% In H1 2017 To €185M
28 July 2017 – Expansión
Hispania, the Socimi in which George Soros owns a stake, recorded net profits of €185 million during the first half of 2017, which represents an increase of 35%. It invested €100 million during that period.
At the end of the first half of the year, the company’s portfolio was worth €2,339 million, which represents an increase of 10%. The company owns 39 hotels, with a total of 11,200 rooms and is consolidating its position as the largest owner of hotels in Spain.
In addition, the Socimi owns 25 office buildings with a combined surface area of more than 153,000 m2 and a plot of land where two additional buildings measuring more than 33,000 m2 are going to be constructed. It also owns five residential buildings, which contain almost 730 homes.
Hispania is planning its liquidation in 2020 and has already started to implement its divestment policy. Specifically, during the first half of the year, Hispania sold the Aurelio Menéndez office building for €37.5 million and continued to sell off its homes.
Specifically, during the first six months of the year, it sold 25 homes in Isla del Cielo and Sanchinarro (Madrid), generating a net profit of 35% compared with the original investment.
Original story: Expansión (by R. Arroyo)
Translation: Carmel Drake