Santander Branches of Oleguer Pujol Foreclosed by Creditors

25/11/2014 – Expansion

A group of creditors led by Santander, CaixaBank and BNP Paribas capitalizes debt of Samos, renames the company and hires the president of Barclays, Carlos Martinez Campos.

The banks seize 1.150 Santander branches (one-fourth of all in Spain) sold to a group of investors for more than €2 billion in 2007 and prepare them to go public. According to financial sources, a banking consortium which financed the purchase renamed Samos Servicios y Gestiones the ‘Uro Property Holdings Socimi‘.

The operations put an end to the relation of the company owning the offices with its former managers, Oleguer Pujol and his ex-partner from Drago Capital, Luis Iglesias, both being investigated by the Supreme Court for money laundering and fraud. Precisely, the origin of the equity with which Mr. Pujol had paid for the branches was quite shady.

The new Socimi (Spanish counterpart of a REIT vehicle) is expected to go public in January 2015. In order to clear the name of the new investment trust and dissociate with the youngest son of Pujol Ferrusola, the new owners of 91% of the firm asked for an official statement proving that Uro Property Holdings is free from any irregularity. According to the acquisition agreement, Santander preserves a right to repurchase some of the offices.

 

Original article: Expansión (by Jorge Zuloaga), Bolsamania

Translation: AURA REE

Foreclosed Properties Mark 4.2% More in First Half of 2014

13/10/2014 – Expansion

Foreclosure lawsuits pursued in the first half of the year totalled at 21.178 cases, reports the General Council of the Judiciary (CGPJ).

According to the authority’s latest update, 18.749 evictions took place during the first six months of 2014, meaning a 3.7% rise in comparison with the first half of 2013. Out of the total, 53.8% corresponded to unpaid rentals. The removals were executed on all kinds of properties, not only dwellings.

By regions of Spain, majority of the legal actions were initiated in Catalonia (23.3%), then in the Valencian Community (15.5%), Andalusia (15.3%) and Madrid (10.8%).

The statistics includes the number of eviction applications received by the notification and the repossession departments that showed 18.876 appeals in the second quarter of 2014. Year-on-year, the figure rose 0.9%. Out of these, 12.239 ended up in eviction, by 3.3% more than in Q2 2013.

 

Original article: Expansión

Translation: AURA REE

Foreclosures on Primary Residences Rise 8.4% in Q2

1/10/2014 – Expansion

The total number of foreclosure processes run in the second quarter of 2014 showed 32.960 cases, meaning a 1.2% advance over the first quarter of the year and a 14% upsurge if compared to Q2 2013. Out of all, 9.611 lawsuits concerned principal residence, by 8.4% more than in the same period of time in 2013, reports the Spanish Statistics Office (abbreviated to the INE by its name in this language).

Furthermore, 2.756 homes belonging to natural persons were not their primary residences, an appreciation of 1.3%.

If the data analyzed as a whole, seizure of dwellings accounted for 58.1% of all foreclosures. Specifically, 29.1% corresponded to principal residences of natural persons, 20.6% to houses owned by legal persons and 8.4% were other dwellings of natural persons.

According to the INE, a mere 0.052% of all main homes found currently in Spain (18.331.400 units), started a foreclosure process between April and June this year.

The statistical report also reveals that the second quarter of 2014 witnessed 21.7% of the total foreclosures on homes resulting from mortgages signed in 2007, 17.6% approved in 2006 and 13.3% – in 2005. In the meantime, the approval period 2005-2008 concentrates 63.4% of the total of lawsuits pursued in the second quarter of 2014.

Foreclosures Geographically

Considering the foreclosures by Spanish regions, one may discover that great majority of them was initiated in Andalusia (7.703 cases), Catalonia (5.696) and Valencia (5.365). On the other end, there rank La Rioja (101), Navarre (199) and the Basque Country (201) with the smallest number of seized properties.

More than a half (58.1%) of all foreclosures run in Q2 2014 was assigned to dwellings. The lawsuits were most frequent in Catalonia (3.994), Andalusia (3.981) and the Valencian Community (3.342), while not so much in La Rioja (61), the Basque Country (94) or Navarre (118).

The official statistics department reminds that not all foreclosure processes eventuate in eviction of the property owners.

 

Original article: Expansión

Translation: AURA REE