Julius Baer Acquires 3% of Metrovacesa and 8.14% of Neinor

17 April 2019 – Voz Pópuli

The Swiss bank Julius Baer has been increasing its stakes in the main Spanish property developers. The company now owns 3% of Metrovacesa through its Sicav Kairos and 8.14% of Neinor Homes, of which 6.55% is held indirectly.

As such, the Swiss bank is the second largest shareholder of the property developer created by Lone Star, behind the Israeli firm Adar Capital, which controls 28.6%.

The share purchase by Julius Baer comes a week after Neinor’s board approved the replacement of Juan Velayos as its CEO, in an environment of maximum uncertainty in terms of the achievability of the objectives set by the Spanish property developer.

Neinor’s share price has fallen by 17% so far this year, and as such, each share is worth around €10, well below its stock market debut price of €16.98.

Nevertheless, the group’s results for 2018 were strong, with revenues of €382 million, up by 70% YoY and an EBITDA of €56 million, which was almost seven times higher than in the previous year. Moreover, the property developer has already pre-sold 80% of the units it plans to deliver in 2019 and 30% of those due in 2020.

Original story: Voz Pópuli (by David Cabrera)

Translation/Summary: Carmel Drake

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