Velayos: Neinor Homes Will Generate Sales Of c. €1,000M In 2019

9 October 2017 – El Periódico

Neinor Homes, the real estate company born out of Kutxabank and in which the fund Lone Star holds a stake, has now reached a production rate of 5,000 homes in Spain, according to the firm’s CEO Juan Velayos. In fact, the company has 72 developments under construction and now owns land on which to build 12,000 homes.

“We have 35 developments in the launch phase – around 3,000 homes – , we have already handed over five developments and we have three more approaching completion”, explained Velayo at a press conference prior to the celebration of Barcelona Meeting Point, which will take place in the Fira de Barcelona from 18th until 22nd October.

Velayos explained that the property developer expects to record turnover of almost €1,000 million in 2019. “We will come in just below that figure in 2019 and then we will exceed it in 2020”, he said. Specifically, the company expects to complete this year with revenues of around €300 million and to record sales and EBITDA (gross profit) of €400 million and €100 million, respectively, in 2018.

Neinor Homes currently has 64 developments underway; in 2018, it expects to have 92; in 2019, more than 100; and in 2020, 120 in total, which translates into the forecast completion and handover of between 3,500 and 4,000 homes per year from 2020 onwards. “That is the pace that we want to maintain over the long-term”, said Velayos.

The property developer, which operates in Madrid, Catalunya, País Vasco, the Balearic Islands and Andalucía, is also looking at opportunities in Galicia and Portugal. At the moment, 50% of its output is divided between Madrid and Barcelona, and the other 50% is spread across the rest of Spain. Of the two large markets, Catalunya accounts for 20% of the total. “We are not planning to increase the weight of that autonomous region in our portfolio, for the time being at least”, he said.

Original story: El Periódico (by Max Jiménez Botías)

Translation: Carmel Drake

The Catalan Government Predicts Property Sales Of Around €130 Million Before The End Of The Year

12/08/2014 – Europa Press

During 2014 it wants to find the future headquarters of the Department of Economy

The Generalitat, Government of the autonomous region of Catalonia, intends to complete property sales amounting to some 130 million euros before the end of the year in order to meet the objective of earning income of €400 million during 2014, of which it has already achieved €266 million up to July with the sale of 17 buildings.

That is what the general director of Patrimonio, Salvador Estapé, has explained in an interview by Europa Press, indicating that in this second half year “smaller transactions rather than sales of large buildings” are expected, and in the Catalan capital in any case.

The exception with regards to important buildings is that of the Barcelona Stock Exchange, for sale since 2011 – first as part of a batch of properties and then separately – and valued then at €57,4 million. Its sale remains one of the objectives of the Catalan Government, although the intention is to be able to sell it empty.

Relocation of the Barcelona stock exchange

This requires an agreement with the Barcelona Stock Exchange, which has the right to use the current facilities until 2030, to get it to relocate; they are currently in talks, but still without any agreement reached, according to both parties.

“It is the most important asset. Our wish would be to be able to sell it because it is very well situated and it would contribute to the sales plan” confirmed Estapé.

Sources from the Barcelona Stock Exchange have explained to Europa Press that they have “a relationship of maximum collaboration with the Generalitat” although finding an alternative place is difficult.

“It is in a study and analysis phase, because the Stock Exchange has an infrastructure which is not typical, with telecommunications and computer systems which are not easy to move; it’s complicated”, they added.

The Generalitat also has for sale the old building of the Department for Work (Conselleria de Trabajo), in Barcelona’s Sepúlveda street, which has also been available for sale for years.

Concentration

Estapé has highlighted the Catalan Government’s objective to “work towards greater centralisation and to avoid the dispersion and fragmentation of spaces” in the administrative departments of the Generalitat.

He has added that the plans for centralisation are not changed by the fact that virtually no offers were received in response to the first tender held to lease a building of between 20.000 and 35.000 square metres, in order to relocate the Department of Economy – whose headquarters in the Barcelona’s Rambla Catalunya had been sold – and other departments.

On this point, he has explained that during this second half of the year they would like to find a place where the headquarters of the Department of Economy will be located by two years from now, when the maximum deadline for the move will end: “There is still time, but time passes quickly.”

The rationalisation plan approved by the Catalan Government also foresees the “clustering” or grouping together in one area of the headquarters of some entities, such as the autonomous region’s public authorities.

In this way, they could be concentrated close to the Generalitat, in Barcelona’s old town, and the Tax Office of Catalonia and the Institute of Statistics of Catalonia (Idescat) could also change location in order to improve their financial performance.

Original article: Europa Press
Translation: Aura REE

BBVA Puts €2.000 Million Of Bad Debts On Sale

12/08/2014 – Expansión

BBVA intends to carry out the largest sale of a portfolio of defaulted loans of individuals and SMEs in Spain since the beginning of the financial crisis. The bank presided by Francisco González has made the first steps towards transferring more than €2.000 million in this type of loan, which will be a landmark event in the sector.

Up until now, the largest transaction completed between banks and foreign investment funds was the one carried out by Catalunya Banc, when it transferred €1.480 million in defaulted loans to the Malaysian investor Aiqon Capital.

One of the main characteristics of the sale by BBVA, known as Project Saturn, is that the majority of the loans are very old, so the funds will offer less money for them.

Unlike other banks, which sell bad debts soon after they are classed as such, BBVA opts to spend a lot of time working to recovery the unpaid loans itself.

Apart from this transaction, the bank is among the least active in the sale of defaulted loans. In the last few years it has always sold portfolios with a lower volume than the sector average. For example, four months ago it sold €180 million of defaulted loans to the Swedish investor Intrum Justitia, and last year it handed over a portfolio of €300 million of defaulted consumer loans to the investment fund York Capital and to Savia Asset Management, the firm of Javier Botín, son of Santander’s president.

Original article: Expansión (by J.Z. Madrid)
Translation: Aura REE