Bankia Sells €37M NPL Portfolio to LCM Partners through Débitos

17 July 2019 – El Confidencial

Bankia has sold a portfolio of doubtful assets worth €37 million to the London-based fund LCM Partners. The portfolio, called Marshmello, contains more than 170 secured loans granted to SMEs and distributed primarily in Madrid, Cataluña and Murcia.

The deal is the first that the partially nationalised financial entity has completed through the Débitos platform. Débitos is a German fin-tech that works in association with Beka Finance in Spain to allow financial entities and companies with unpaid amounts on their balance sheets to offer portfolios for sale to institutional investors.

Original story: El Confidencial (by Óscar Giménez)

Translation/Summary: Carmel Drake

Haya & Beka Finance Sign Deal to Market NPL Portfolios

5 June 2018 – Eje Prime

Haya Real Estate is joining forces with Beka Finance. The Spanish company that specialises in providing services for the management of secured credit and real estate assets, has signed a collaboration agreement with Beka Finance, a securities and investment banking services company, specialising in structural financing for medium and large companies, according to a joint statement.

Through this alliance, Haya will have access to the technological platform ‘Debitos’ for the marketing of NPL portfolios. Thanks to that, the group will be able to reach a large number of European institutional investors to sell its assets.

Moreover, “the agreement will allow us to expand the specialist servicing services that Haya offers to domestic and international clients who use the Debitos platform for the purchase of secured assets. Specifically, the management, administration and marketing of their real estate assets and credits”, claim both companies.

Original story: Eje Prime

Translation: Carmel Drake

ECI Sells 40% Of Torre Serrano To Infinorsa For €50M

14 September 2017 – Expansión

El Corte Inglés has sold 40% of the company Iberiafon, owner of the Torre Serrano building in Madrid, to the real estate company Infinorsa for €50 million, according to sources at the distribution giant.

The firm that has acquired the property, which is owned by several European funds, already owned 60% of Iberiafon’s share capital and also owns other buildings in Madrid, such as Torre Europa.

This operation, which forms part of the distribution group’s divestment plan, effectively assigns a value of €125 million for 100% of the property. The building’s current tenants include the Masaveu Group and the firms GVC Gaesco and Beka Finance, amongst others.

Located at number 47 on one of the most exclusive shopping arteries in Madrid, next to the El Corte Inglés department store on Calle Serrano, the tower has 13 floors, which have a combined surface area of 20,000 m2, including a 5,700 m2 car park.

Half of the total space is used for offices, whilst the shopping area occupies 4,300 m2, which will continue to be leased to the group chaired by Dimas Gimeno, according to the press release.

El Corte Inglés closed its last tax year, from March 2016 to February 2017, with a 2.4% increase in its net profit, to €161.86 million. That saw the group record three consecutive years of growth, whilst the gross operating profit (EBITDA) soared by 7.5%, to reach €981 million, according to the distribution giant.

Specifically, the profit, the highest in the last three years, has been affected by €178 million relating to “disengagement plan”, which has affected 1,341 people.

Original story: Expansión

Translation: Carmel Drake

Deutsche’s Socimi Trajano To List On MAB On 30 July

27 July 2015 – El Día

The Socimi Trajano Iberia, which is managed and promoted by a division of Deutsche Bank, will begin trading on the Alternative Investment Market (Mercado Alternativo Bursátil or MAB) on 30 July, whereby becoming the sixth listed real estate investment company to be publicly traded on the stock exchange.

Trajano will debut on the MAB once it has completed its €94.8 million capital increase, which is being led by investors of the Wealth Management division of Deutsche Bank in Spain.

Under the ticker “YTRA”, the company will debut on the stock market at a share price of €9.98, according to a statement by the Spanish Stock Exchanges and Markets (‘Bolsas y Mercados Españoles’ or BME).

The listing will be performed through a price-fixing system with the matching of supply and demand in two daily auctions or “fixing” periods (at 12:00h and 16:00h).

Trajano Iberia will invest in offices in “semi-prime” locations in Madrid and Barcelona and in “prime” areas of secondary cities. It will also seek out shopping centres and retail parks, as well as logistics assets in Madrid, Barcelona, Zaragoza, Valencia and the País Vasco.

According to the company’s strategic plan, Trajano Iberia will materialise its investments within a maximum period of 24 months, however the management team considers that this period could be reduced on the basis of the strong prospects that the real estate sector is currently enjoying.

The company will be managed by the team responsible for the real estate division of Deustche Asset & Wealth Management in Spain and Portugal.

Currently, Deutsche Bank manages real estate assets worth more than €46,000 million around the world and €740 million in Spain and Portugal.

Deloitte is acting as the registered advisor and BEKA Finance as the liquidity provider. Since last year, several companies have listed publicly under the Socimi structure.

The first company to debut on the stock exchange was Lar España Real Estate, on 5 March, with initial capital of €400 million. The next company to list in the sector was Hispania, the listed company controlled by the fund manager Azora and owned by the multimillionaires George Soros and John Paulson, who subsequently created a Socimi through which they have made several purchases.

Meanwhile on 30 June, the Socimi Merlin Properties, starred in the largest IPO since 2011 with a valuation of €1,250 million. Axiare also listed on the stock exchange, with a valuation of €360 million, as did Uro Property, the Socimi that owns one third of Santander’s branches.

Original story: El Día

Translation: Carmel Drake