Vesta Real Estate Fund Invests €100M In Renewal In Portgual

26 October 2017 – Iberian Property

The new Vesta Real Estate Fund, which is headquartered in Luxembourg, is preparing to invest a total of €100 million in the acquisition and renewal of residential real estate in Portugal, and its subsequent retail sale.

The fund is the result of a partnership between Quantico, an investment company founded and headed by Carlos Vasconcellos Cruz (pictured above), Ubeda, from Carlos Mallo, and Bank of Andorra, specialised in private banking Andbank, and it is going to focus on opportunities in Lisbon, Estoril, Cascais and potentially Oporto.

With a lifespan of 6 years, this vehicle adopts the form of a SICAV-RAIF, supervised by the Luxembourg monetary authorities, and each property to renew will be acquired by a separate vehicle under Portuguese law. Clients of Andbank, Quantico and Ubeda, are the main participants of this fund, which has €100 million to apply over the next 12 to 18 months, according to a Quantico press release.

Carlos Vasconcellos and Carlos Mallo, advisors of the fund, explain that “despite an increase in the acquisition prices of real estate to renew in premium areas, there is still much work to be done and good investment opportunities in well-located buildings in prime areas of the city and Cascais, and which require deep renewal and high technical complexity”.

The managers explain that “we do not buy at speculative prices, and we believe that in Lisbon, Cascais and Oporto, there is room for selling prices to remain stable or even rise, as there is a significant gap between prices there and in other comparable European cities. Portugal, and particularly Lisbon/Cascais offer unbeatable levels of attractiveness and quality of life”.

Original story: Iberian Property (by Ana Tavares)

Edited by: Carmel Drake

Deloitte Integrates Boutique Consultancy Firm ‘Planet Hotels’

10 October 2017 – Expansión

The professional services firm Deloitte is consolidating its presence in the market for hotel transaction advice with the incorporation into the group of the boutique consultancy firm ‘Planet Hotels’. In this way, it is taking advantage of the good times that the tourist sector is enjoying; it has seen record numbers of international visitors for the last eight years and investor appetite for these assets continues.

The Planet Hotels team joining Deloitte is led by África Palau (pictured above, centre) and Marc Molas (pictured above, right), and has more than 15 years experience in the tourism and hotel sectors. Specifically, this boutique consultancy firm specialises in hotel transactions; searching for hotel operators for hotel owners; and managing hotel assets. The employees of Planet Hotels will be integrated into Deloitte’s Financial Advisory team, comprising 500 professionals, more than 30 partners and with a presence in 20 offices all over Spain.

The area is divided into two main blocks, one specialising in mergers and acquisitions (M&A) and the other providing services for crisis situations. Similarly, this division renders its services with an approach of specialising by industry, with the objective of providing advice that reflects sector reality and the needs of its clients.

In terms of the professional profile of the new joiners, Palau holds a degree in Economics and Business and has completed a Corporate Finance training program at the Instituto de Empresa. She has 29 years of experience as a senior manager of hotel companies and in processes involving investment and divestment operations, as well as advising on contracts for the leasing, management and franchising of hotel projects.

Meanwhile, Molas holds a degree in Economics and has 15 years of experience advising on investment and divestment transactions in the hotel sector. Molas has also led hotel projects in Spain, Eastern Europe, South America, Central America and the Middle East.

Some of the major corporate operations advised by the new team to join Deloitte include the sales of Hotel Leonardo Gran Atlanta (Madrid), Hotel Ilunion Málaga (Málaga), Hotel Barceló Lanzarote (Lanzarote) and Hotel Pestana Barcelona, as well as the search for and selection of operators for Hotel Vincci Mercat (Valencia) and Hotel Ilunion Bilbao (Bilbao). They also led the search for a franchise agreement for Hotel BW Urdanibia Park (Irún).

Investment

The tourist boom and upturn in the real estate sector have facilitated record years of asset purchases in Spain. Last year, investment in the hotel segment amounted to €2,145 million, up by 17%, according to Deloitte España’s Hotel Property Handbook. This year, investment volumes are also expected to exceed €2,000 million.

Original story: Expansión (by R. Arroyo)

Translation: Carmel Drake

Cerberus Purchases Gescobro From Spanish Fund Miura

18 February 2015 – Expansión

Transaction / The US firm acquires the company that specialises in debt recovery, which has been controlled by the private equity firm Miura for five years.

Following its acquisition of Sotogrande, the US fund Cerberus is continuing to dominant transactions in Spain. Its latest target has been Gescobro, the debt recovery company, owned by the private equity firm Miura since 2010, which held more than 90% of its share capital, according to market sources.

The management team, which held a minority stake in the company, continue at the helm. Through this transaction (for which the consideration paid has not been disclosed), Cerberus strengthens its debt management capability, in particular after investing in bank debt in the Spanish market in recent months.

The US fund already owned Haya Real Estate (formerly Bankia Habitat), which, in addition to its real estate management services, also operates in the field of mortgages.

With the acquisition of Gescobro, Cerberus enhances its position in the debt recovery market, specifically in the consumer credit segment. Last year, Gescobro managed files with a value of €4,000 million. Miura first acquired shares in the company in 2010; until then it was owned by the founding family, the García-Godalls.

Gescobro employs nearly 300 professionals between its headquarters in Barcelona and its offices in Madrid. Heading up the company is Iheb Nafaa, the CEO, who is supported by Gemma García Godall, Head of Business Development and the daughter of the firm’s founders. The two executives were also shareholders of the group when Miura controlled the company and, according to market sources, both continue to hold a minority share.

The transaction, which was closed on Monday, is the second divestment made by the Spanish fund since it was established in 2008. The advisors to the transaction included PwC, on the side of Miura, and the law firm Ashurst, who worked with Cerberus.

Original story: Expansión (by Sergio Saiz)

Translation: Carmel Drake