Manuel Jove Invests With His Marineda Partners Again

16 April 2015 – Expansión

After selling the Marineda shopping centre in La Coruña last summer to the Socimi Merlin Properties for €260 million, Manuel Jove (pictured above) and his partners are now working together on some new real estate projects.

The founder of Fadesa and his partners, the businessmen José Collazo and Modesto Rodríguez, have carried out two increases in the share capital of their company, Starco Invest. The company, created in September 2007, is 50% controlled by Manuel Jove, through a subsidiary of his holding company Inveravante, whilst Collazo and Rodríguez each hold a 25% stake.

At the end of March, the shareholders of Starco conducted two capital increases amounting to €12,526 million and €6,263 million, respectively, according to data recorded in the Commercial Register. In the case of the first, the operation was completed through a monetary contribution. Meanwhile, the second transaction was performed through the contribution of an asset, namely a plot of land occupying around 10,700 square metres, which has been approved for tertiary (residential) use.

The plot of land is located on the La Grela industrial estate in La Coruña and according to real estate sources, it was purchased from a financial entity. Until a few months ago, the textile company Caramelo, in which Jove also holds a stake, had its headquarters on this site. However, the company had to transfer the land to its creditor bank as part of the bankruptcy process, which it has been immersed in since April 2013.

The partners of Invest Cos have confirmed the acquisition of this land and said that they do not yet know what the land will ultimately be used for.

After selling his company, Fadesa, to Fernando Martín for more than €2,200 million in 2007, Manuel Jove created the company Inveravante, through which he has invested in numerous real estate and renewable energy projects.

Meanwhile, Jove joined forces with Modesto Rodríguez, José Collazo and José Souto (who no longer holds a stake in Starco) to undertake the Marineda real estate project, which mainly focused on the shopping centre, but which also included a hotel (which was also transferred to the Socimi last year) and an office building.

Jove and his partners generated a profit of around €50 million from the sale of Marineda, according to sources close to the transaction. In September, the businessmen wound up the company Invest Cos and since then they have been jointly managing the offices.

Original story: Expansión (by R. Ruiz)

Translation: Carmel Drake

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