Tag: Gecina

Rivero & Soler Stumble in Battle Against Blackstone

6/03/2014 – Expansion

Next chapter of the scuffle between two Spanish businessmen and the U.S. fund Blackstone over the 22.9% stake at Gecina.

The Provincial Court of Madrid has decided to lift the precautionary measures imposed upon the shares of Gecina that Joaquín Rivero and his business partner Bautista Soler held through their holding in Alteco and Mag Import. The Mercantile Court Nº8 of Madrid´s decision was made when these companies entered in a tender in October 2012.

The shares were collateral to a €1.600 million loan granted by several Spanish banks to Rivero and Solar so that they could buy their stake. At the moment of tender jeopardy, the businessmen decided to transfer the credit to Blackstone and Ivanhoe Cambridge. (…).

Now, the Spanish court revokes the precautionary measures and sentences those who filed for “payment for damage and interest caused by the measures”.

After obtaining access to the securities, Blackstone applied for a post at Gecina´s managing board.

 

Original article: Expansión (R. R.)

Translation: AURA REE

Rivero & Soler Clash With Blackstone

18/02/2014 – Expansion

Spanish businessman Joaquín Rivero brings Blackstone into trial, accusing the U.S. fund of fraud. Also, several financial institutions supporting the fund are under suspicion, said to have falsified documents concerning the 31% holding worth €1.6 million in Gecina´s capital.

Rivero claims return of the shares that together with Juan Bautista Soler the businessman deposited in Luxembourg as collateral, and now owned by Blackstone. (…).

The businessmen accuse Blackstone and Ivanhoé of plotting against them and making the Luxembourg court accept the collateral in a hazel way. (…). They verbalized harsh allegations as “crime, offense, falsification and fraud”.

The banks that sold the debt (Natixis, Bankia and Bank of America Merrill Lynch) are suspected to have cooperated with the funds (…).

Judge from Luxembourg set the stock price of Gecina at €91 per share. The collateral agreement included a clause stating that in case of any dispute arising from the agreed upon, the Luxembourg court will prevail, however the financial institutions are free to take any legal action in any other court. Thus, Blackstone and Ivanhoé have not commited any crime as the guarantee execution has been unrelated to the receivership proceedings. Blackstone took control over 22.9% of Gecina´s capital after the arrangement accomplishment. (…).

 

Original article: Expansión (Luis Sevillano)

Summary: AURA REE

Blackstone & Natixis Enter Gecina Challenging the Spanish Justice

31/01/2014 – Cinco Dias

Blackstone, one of the biggest private equity company in the world, acquired 22,9% of Gecina´s capital, the largest French real estate firm. The assets taken over by Blackstone have been in hands of Joaquín Rivero and Bautista Soler, that together owned 31% of Gecina. The U.S. firm bought 14,4 millon assets of Gecina, equal to 22.98% of the capital. Also Ivanhoe, Caisse de depot et placement du Quebec fund is taking part in the transaction.

French bank Natixis has acquired another 4,9% of Gecina, also from the two businessmen. (…) Together, Blackstone and Natixis possess 27.8% of the company, apparently more than Metrovacesa, owning 27%.

The acquisition has been approved by a court in Luxembourg, once rejected by a Spanish legal institution. (…).

Original article: Cinco Días (Alberto Ortín Ramón)

Translation: AURA REE

Agreement With Bank on Deffered Payment of 510 Million Euros

GECINA, a French real estate company hold by Metrovacesa and Joaquín Rivero and Bautista Soler, has refinanced two credits valued at 510 million Euros. The agreement with its banking institution in the framework of refinancing its entire debt was made at the end of 2013. The loans expiring this and the next year have been prolonged for 6 years more.

What is more, Gecina has negotiated the commissions for three unused credit lines of 430 million Euros, which will help it to cut about a million down on its financial expenses and has already cancelled mortgages for 140 million Euros.

Source: Expansión