Kronos Group Buys Former Tacacalera Plot In Tarragona

31 October 2017 – Diari de Tarragona

Construction cranes can be seen on the horizon in the city of Tarragona once again. And the empty plots of land that no one has paid attention to for years are now sparking interest in the real estate sector, which is starting to recover after a long time dormant, eager to restore itself. And if there is one area where this dynamism is almost tangible, it is the surroundings of the former Tabacalera tobacco factory. In recent months, several new real estate developments have been launched and players are busy making moves to ensure that they don’t miss out on the latest opportunities.

One of the most significant operations in recent times has been the purchase, by a European real estate fund, of the Tabacalera parking lot. This area, which will no longer be used as a park and ride site, from 21 November onwards, is getting ready for the beginnings of a new real estate development.

According to sources in the know, the operation was closed at the beginning of October, when Pachirisu SL purchased land from Altadis. That has been confirmed by the tobacco company itself, which said that, following the sale, “we have now sold everything we owned in Tarragona”.

The buyer company forms part of the Kronos group, which specialises in real estate development, and which started its activity in Spain in 2014, with the aim of competing with the major property developers and funds that are busy building homes across the country. A few months ago, the group’s management made a public appearance to announce that they plan to put 4,500 new homes on the market over the next three years; the development of Tabacalera will likely form part of the projects that the group is going to develop to that end. Cataluña, together with Madrid, the Costa del Sol and Alicante, are the regions where the company is investing.

The details of the project that the real estate group is going to promote in the city have not been revealed yet. “For the time being, everything is up in the air”, said the Kronos group, when asked about their plans (…).

Original story: Diari de Tarragona (by NAºria Riu)

Translation: Carmel Drake


GMP Socimi Finalises Its Debut On The Stock Exchange

17 May 2016 – El Confidencial

One of Spain’s largest real estate groups is about to list on the stock exchange. GMP Socimi, the company jointly owned by the Montoro family (70%) and the Government of Singapore (30%), now has all the pieces in place for its stock market debut.

To this end, the company has engaged the entity Renta 4 as registered advisor and has commissioned CBRE to value its assets, according to sources familiar with the company.

The debut on the stock market is a mandatory requirement for GMP, which was constituted as a Socimi in October 2014. The rules for this type of company grants a maximum period of two years to become a listed company. In fact, this rule has been behind all of the recent debuts of such companies on the MAB.

In parallel with its stock market listing, the real estate company has been negotiating with its creditor entities to secure the refinancing of its financial commitments, which exceed €750 million, according to its accounts for 2014, the most recent year for which figures are available, and the majority of its debt is due to mature in 2017.

Although the gross value of the company’s assets amount to €1,300 million, the company was valued at just over €600 million two years ago, when the Singapore sovereign fund, GIC, acquired its 30% stake for €200 million.

Nevertheless, it was precisely the involvement of the Asian giant that allowed the Montoro family to adjust its financial situation and secure the necessary financing to sign operations such as the purchase of Castellana 77. All of this, combined with the recovery of the real estate market means that the group’s next valuation is expected to be much higher than the amount assigned by GIC at the time of its investment.

The Montoro family’s Socimi has been one of the great survivors of the crisis and its buildings include the iconic Torre BBVA on Paseo de la Castellana, as well as the property on Calle Génova, 27.

Since GIC became a shareholder, the company has handled operations such as the aforementioned purchase of Castellana 77 for €90 million; the former headquarters of Altadis, on the Madrilenian Calle Eloy Gonzalo, for €30 million; the office building located on Condesa de Venadito 1; the headquarters of Cortefiel and SGS in Madrid; and the development of a corporate building in Las Tablas.

Original story: El Confidencial (by R. Ugalde)

Translation: Carmel Drake

Altadis Sells Its Old Headquarters to GMP For €30 Mn

17/07/2014 – Expansion

The property of a 13.058 square meter area has stood empty ever since the branch of Imperial Tobbaco moved out to its new offices in the Cristalia Business Park of Metrovacesa in summer 2010.

Today, Altadis transfers the old premises situated at 10 Eloy Gonzalo street in Madrid to GMP as a part of its non-core asset divestment plan. The new owner will carry out an integral rehabilitation and a renovation of the unit´s facade.

Neither of the companies revealed the transaction price but real estate sources claim it have reached €30 million.

The property will be placed inside the portfolio of buildings GMP possesses in the downtown Madrid, at 27 Genova st., 3 Hermosilla st. and at 81 Castellana st. occupied by BBVA, to name just a few.

At the moment, GMP plans its future acquisitions and seeks a partner who would take a minoritary stake in the firm.


Original article: Expansión (by R. Ruiz)

Translation: AURA REE