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All Market News: Spanish Real Estate Intelligence

ING Sells its HQ in Las Rozas (Madrid) to Barings

13 June 2019 - Eje Prime

ING has sold its office building located on Calle Severo Ochoa, 2 in Las Rozas (Madrid) to the US fund Baring Alternative Investments for an undisclosed sum.

The property spans a surface area of 12,700 m2, has 350 parking spaces and is located on the Las Rozas business park with direct access to the A6 and M50 motorways, and close to a suburban train station.

The building currently houses the Dutch bank’s headquarters in Spain.

Original story: Eje Prime

Translation/Summary: Carmel Drake

 
La Finca Global Assets Approves its MAB Debut for July

12 June 2019 - El Confidencial

On Wednesday, the General Shareholders’ Meeting of La Finca Global Assets approved the company’s debut on the stock market, which will take place during the first week of July.

The decision was supported by Susana García Cereceda, President of the company and owner of 50% of the share capital, and Värde Partners, which holds a 39% stake. It was opposed by the President’s sister, Yolanda, who owns a 10.99% stake, but she was outvoted.

La Finca owns 220,000 m2 of office space worth €725 million as at 31 December 2018, all of which is located in Madrid and Pozuelo de Alarcón. Nevertheless, the company has debt amounting to almost €400 million, and has to cover the costs of managing its business parks, and so, its final valuation is expected to range between €156 million and €170 million.

At its meeting, the General Shareholders also approved the company’s accounts for the year ending 31 December 2018, which reported operating profits of €45.9 million, mainly from rental income and a result for the year of €9.73 million, up from €4.6 million in 2017.

Original story: El Confidencial (by Agustín Marco & Ruth Ugalde)

Translation/Summary: Carmel Drake

 
Project Castillo: Blackstone Puts 11,000 of Catalunya Banc's Subprime Mortgages Up for Sale

13 June 2019 - El Confidencial

Blackstone has engaged Bank of America to liquidate almost all of the remaining Catalunya Banc subprime mortgages that it purchased from the State between 2014 and 2015 as part of Project Hércules.

After almost five years of actively managing the portfolio, the US fund now has just 31,000 of the more than 100,000 subprime mortgages that it purchased, which are worth €1 billion compared with €5.7 billion in 2015.

Project Castillo is going to contain almost 11,000 of those mortgages, all of which are up to date in terms of payments, but which have been refinanced at some point over the last 5 years.

This sale forms part of a series being undertaken by Blackstone as it completes its first cycle of investments in Spain. In this context, the US fund’s rental home Socimi Fidere put most of its assets up for sale recently.

Original story: El Confidencial (by Jorge Zuloaga)

Translation/Summary: Carmel Drake