Sabadell Offers €33M for Duro Felguera’s HQ in Madrid

20 November 2017 – Eje Prime

Sabadell may complete the purchase of a new asset very soon. The financial institution is close to signing the acquisition of the headquarters of the company Duro Felguera for €33 million. The Asturian company, which is fighting hard to avoid having to file for creditor bankruptcy, would raise liquidity for its internal battle as a result of the agreement.

Interestingly, Duro Felguera must have rejected an offer amounting to €38 million from Sandra Ortega, the daughter of the founder and President of Inditex, Amancio Ortega. According to Voz Populi, although she was offering a higher financial proposal, she was also imposing the condition that the company remain as the tenant of the property for ten years, in return for a price of €2 million per year and a seven-year deposit.

By contrast, Sabadell is offering €33 million without any requirement for the company to remain in the building or to pay any deposits, which means that Duro Felguera would see a cash inflow of between €10 million and €15 million after paying off its loan.

Original story: Eje Prime

Translation: Carmel Drake

Adveo Sells An Industrial Warehouse In Cornellà For €4M

17 March 2016 – Diario Vasco

Through its subsidiary Monte Urgull, Adveo has completed the sale of an industrial warehouse in Cornellà de Llobregat (Barcelona) to Rentauro for €4 million. The consideration has already been received in full by the office supply company.

The operation, which forms part of Adveo’s new strategic plan, has generated a loss of more than €1 million for the group, according to a statement made by the company to Spain’s National Securities Market Commission (CNMV).

No debt was associated with the asset and so the net amount from the operation will be recorded directly as cash and will contribute to reducing the company’s net debt, which, amounted to €305 million as at 31 December 2015.

The property, acquired by Monte Urgull in 2002, has been leased since its purchase to the entity Saint Gobain Idaplac, but that lease contract is due to end in May this year.

Original story: Diario Vasco

Translation: Carmel Drake