Tag: Banco de Crédito Cooperativo

VBARE Secures an Additional €1.5M to Finance New Investments

2 February 2018 – Press Release

The Socimi has signed three mortgage loans to finance its on-going investments in Madrid, as well as in Spain’s main capitals. 

VBARE Iberian Properties Socimi (VBARE) has raised financing for its next round of investments after signing three mortgage loans amounting to almost €1.5 million (€1,491,786.69) in total and secured by some of the company’s assets in Madrid.

The first loan, from Banco de Crédito Cooperativo, dated 29 January, is secured by 15 assets located in different parts of Madrid and amounts to €675,786.69. The other two have been signed with Banco Sabadell and are secured by two other buildings, also located in Madrid, for a combined sum of €816,000.

According to VBARE’s Director General, Fabrizio Agrimi (pictured above), the Socimi finds itself in a time of great investor appetite, “we are analysing several investment opportunities, not only in Madrid but also in the main Spanish cities”.

Achieving an initial net return of at least 4% without leverage and a discount on the acquisition price of 4% over the market value are the criteria that the Socimi has established in its investment strategy for new assets.

VBARE is a real estate investment vehicle specialising in the acquisition and management of residential assets for rental. It operates under the special Socimi regime and has been listed on the MAB since 23 December 2016 (…).

VBARE currently has a portfolio comprising 197 assets. To date, the company has analysed assets worth more than €500 million and is constantly on the lookout for new business opportunities that fit with its investment policy.

Original story: Press Release

Translation: Carmel Drake

Cajamar And Cetelem Join Forces To Supply Consumer Credit

24 February 2015 – Cinco Días

Cetelem and Banco de Crédito Cooperativo (BCC), the parent company of the Cajamar Cooperative Group (Grupo Cooperativo Cajamar), have reached an agreement to form a joint venture that will specialise in the commercialisation of consumer credit in Spain, according to a press release.

The company, which will be owned by Cetelem España and BCC, will be constituted as a financial credit institution and its (primary) objective will be the distribution of personal loans and revolving credit lines (with or without credit cards) through the Cajamar Coooperative Group’s network of 1,300 branches.

BCC will contribute 49% of the initial share capital and will appoint the Chairman of the company. Cetelem will finance the remaining 51% and will appoint the CEO. BCC has been advised in this transaction by Société Générale.

Both entities agree that their commercial partnership will contribute to the development of consuming financing in Spain, thanks to Cetelem’s experience and knowledge (it is one of the most important players in the sector) and the extensive network of Cajamar Cooperative Group’s rural savings banks.

Thierry Laborde, Chairman and CEO of BNP Paribas Personal Finance, states: “We welcome this agreement, which has been established with one of the most important financial institutions in Spain. The agreement supports our development strategy based on partnerships between players in the distribution, automobile and finance sectors, in the countries in which we have a presence”.

Luis Rodriguez González, Chairman of BCC-Grupo Cajamar, reiterates his interest in consumer credit, which is a strategic activity for the 20 entities that constitute the Cajamar Cooperative Group. “This agreement confirms our on-going commitment to customers, adapting to their needs and offering them competitive, high quality products, in this case, consumer financing”. For this reason, “we are delighted about our alliance with Cetelem, the market leader in consumer credit and a global leader, renowned for its capacity for innovation, technological development and financial services”.

Original story: Cinco Días

Translation: Carmel Drake