Ores Signs a €35M Loan to Finance New Purchases

11 October 2018 – Eje Prime

Ores is obtaining more fuel to continuing buying Spanish real estate. The Socimi, controlled by Bankinter, has signed a mortgage loan amounting to €35 million, which will facilitate “the execution of the company’s business plan with respect to future acquisitions”, according to a statement filed by the real estate manager with the Alternative Investment Market (MAB).

The company has formalised with a loan with a Spanish bank, whose identity the company declined to disclose. The loan term expires on 11 October 2023 and the principal will be returned with a single bullet payment. The loan has been structured in the following way: €28.1 million at a fixed rate of 1.79% and €6.9 million at a rate of 3-month Euribor with a floor of 0%, plus a spread of 1.35%.

The capital inflow to Ores arrives just in time. At the end of the first half of the year, the Socimi had already achieved more than 90% of its total investment target and it only had €30 million left for purchases.

Between January and June 2018, Bankinter’s Socimi obtained net income of €8 million and a gross operating profit (EBITDA) of €6.3 million. Nevertheless, the company saw its net profit fall during the first six months of the year, with losses amounting to €3.9 million.

During the first half of the year alone, Ores completed the acquisition of thirteen new assets in Spain and Portugal. The company disbursed €117.5 million for those properties, exceeding its forecast investment target by 10%. Similarly, the group, together with Sonae Sierra, purchased the Millenium de Madrid retail park for €31 million in July.

Ores currently has thirty assets in its portfolio, worth €328 million, which generates a gross annual income of €19.4 million. With these latest operations, the Socimi is on track towards the target established when it was created in December 2017 of investing €400 million in high street retail premises, supermarkets, retail parks (up to 20,000 m2), bank branches and unique assets with long-lasting rental contracts and solvent tenants.

Original story: Eje Prime

Translation: Carmel Drake

Pozuelo & Matadepera: The Richest Towns In Spain

21 July 2016 – Expansión

Inhabitants of the towns of Pozuelo de Alarcón (Madrid), Matadepera (Barcelona), Boadilla del Monte, Majadahonda and Las Rozas (Madrid) declared the highest income figures, according to data from 2013 made public yesterday by the Tax Authorities (AEAT), which included Statistics about Income Tax filers in towns of more than 1,000 inhabitants for the first time. In Pozuelo de Alarcón, the average gross income amounted to €59,279 per year, whilst the average available income decreased to €42,579. In the town, 84,360 inhabitants recorded a total of 41,187 tax returns in 2013.

Second in the ranking came Matadepera, with an average gross income of €48,804 and an available income of €36,232.

Boadilla del Monte was ranked in third place, with an average gross income of €48,537 and an average available income of €353,85. Las Rozas was ranked fourth, with an average gross income of €47,148, just above Majadahona, with €46,173.

The average gross income of the more than 19 million income tax contributors amounted to €24,376 p.a. and the gross available income stood at €19,933 p.a.. Madrid and Barcelona accounted for 23 of the 25 towns with the highest incomes. Rocafort (Valencia) and Simancas (Valladolid) were the only towns to break the hegemony. Zafarraya (Granada) and Zahínos (Badajoz) were the towns with the lowest average gross income, recording €10,293 and €10,301, respectively.

The statistics contain data about gross income, income before tax, excluding tax credits and including exempt income, as well as about available income, which is gross income after tax, including social security contributions. It is worth noting that the information declared in the personal tax returns relates to all income received during the year, in other words, it includes retentions.

By autonomous region, Madrid took the lead with the highest average gross income (€31,766), ahead of Cataluña, which reported €27,540. Ranked between the two, however, were Ceuta and Melilla, with €31,152 and €29,209, respectively. This may be attributed in part to the fact that the percentage of tax contributors in Ceuta and Melilla is much lower, specifically, 32% and 31%, compared with the average of 46%. Asturias, with average gross income of €24,60, was the other autonomous region that was ranked above average (€24,602). Close behind it, although below the average, were Aragón (€24,561), the Balearic Islands (€24,241) and Cantabria (€24,159). The lowest average gross income figures were reported in Castilla-La Mancha (€21,028), Andalucía (€20,824) and Extremadura (€19,034).

Original story: Expansión (by Mercedes Serraller)

Translation: Carmel Drake