21/03/2014 – Cinco Dias
Morgan Stanley has decided to join the group of foreign investors wishing again to invest in Spanish property. The U.S. investment bank entered the stake of Hispania Activos Inmobiliarios with around €20 million contribution. This way Morgan Stanley follows the steps of George Soros or John Paulson. The newly listed company debiuted on the stock market last Friday at €10 per share.
Soros channeled the sale through his two management companies: Quantum Strategic Partners and Soros Fund Management. The U.S. millionaire bought jointly 9.2 million shares (€10 each) and in exchange received an 18.38% holding.
Before becoming listed, Hispania obtained binding commitments for €314 million that constituted 62% of the total listing target set at €500 million. Other most prominent reference investors are: Cohen & Steers (4.4%), Fidelity International (1.8%) Paulson & Co. and Moore Capital Management.
Azora, company that launched Hispania on the market, claims that the vehicle will seek opportunites to invest in Spanish real estate. Thus, Hispania will dispose of a quality portfolio consisting of residential, office and hotel assets found in the most valuable zones in the country, that would provide regular income, like asset reassessment capital gains.
Original article: Cinco Días (David M. Pérez)
Translation: AURA REE