Tag: holding

Urbas Notifies of Intention to Create a Huge RE Group & Appreciates 8%

16/06/2014  – El Mundo

Urbas upsurged by 8% on the stock exchange market after having announced plans to absorb a few real estate firms and establish one of the biggest property groups in the country.

Compared to the day earlier, the shares shot up by 8.57% and sold for 0.038 Euros a share.

Urbas intends to absorb Alza Real Estate, Aldira Inversiones Inmobiliarias and other companies through a non-monetary fresh capital injection valued at €280 million, to be approved at the nearest stakeholders´meeting.

In parallel, the firm will enlarge its capital by another €50 million monetary ampliation activating shareholder´s pre-emptive right so that the company´s parters will have an opportunity to enlarge their stake in it.

 

Original article: El Mundo (after Europa Press)

Translation: AURA REE

FCC & Bankia Negotiate Sale of Realia´s French Affiliate to Gecina

14/05/2014 – Expansion

Two main stakeholders of Realia, Bankia and FCC have temporarily suspended their struggle to sell 62% they own in the real estate and focus on the sale of Realia´s French diamond branch, Siic de París.

The most prominent candiates for acquiring the affiliate are Gecina, Metrovacesa and AEW  supported by Abu Dhabi sovereign wealth fund.

With the sale coming off, FCC and Bankia could earn €850 million. Offers submitted for the purchase ask for a mere 5% discount on all Siic de París´s assets value, estimated to be worth over €1.5 billion.

Realia bought the French branch in 2006 for €300 a share and subsequently took control over 86.3% of the stake.

 

 

Original article: Expansión (by R. Ruiz & C. Morán & G. Martínez)

Translation: AURA REE

Goldman Sachs & UBS Buy 9% of Hispania

26/03/2014 – Cinco Dias

Goldman Sachs and UBS acquired 9% of Hispania Activos Inmobiliarios´s stake. Multimillionaire George Soros has already bought a holding in the investment trust promoted by Azora for €50 million.

According to the information provided by the CNMV (the National Stock Exchange Commission), the two banks acquired 5 million new securities for €10 each (today the company concluded the session at €10.60).

If we consider the fact that on becoming listed Hispania originally issued 50 million securities, the additional 5 million shares raises the final offer to 55 million and this means that Goldman Sachs and UBS are now controlling 9% of the stake.

As Hispania´s underwriters, the banks had the right to execute the “greenshoe” option, an option that allows them to buy up to 10% of a company´s stake in order to smooth out price fluctuations.

The option will have been in force by 13th April but the allocating banks decided to execute it now as in the upcoming days, new share negotiations are to take place.

Hispania became listed on 14th March at price of €10.5 per share. (…)

 

 

Original article: Cinco Días

Translation: AURA REE

Cohen & Steers As Second Major Investor in Lar España Real Estate

18/03/2014 – El Mundo

The U.S. private equity fund, Cohen & Steers, has entered the social stake of Lar España Real Estate with a 7.448% holding that transformed it into the second main shareholder of the Socimi of Grupo Lar valued at €32.37 million (according to present market prices).

The New York-based firm by deed joins other shareholders, such as Pimco (12.5%), Franklin Templeton (6.37%), Marshall Wace (4.4%), Spanish firm Bestinver (4.1%), Ameriprise Financial (3.74%) and UBS (3.5%). Cohen & Steers holds a lot of  2.98 million securities of  Lar España Real Estate, according to data provided by the CNMV (the National Stock Exchange Commission in Spain).

Lar España debiuted on the Continuous Stock Market on March 5th (…) and 83% of it is held by the Pereda family. Basic target of the group is the real estate investment, first by buying tertiary property and then renting it. (…).

 

 

Original article: El Mundo (Europa Press)

Translation: AURA REE

Orion & AEW Favourites at the Realia Bidding

11/03/2014 – Expansion

After two months of vivid negotiations, FCC and Bankia bring the sale of the  62% stake at Realia Business to an end. At the beginning of the year, the two companies, advised by Goldman Sachs, received seven non-binding offers for the real estate firm, from such funds as Anchorage, Orion, Blackstone, Oaktree, Axa, AEW and Amancio Ortega´s Pontegadea.  Realia´s portfolio is worth €3.384 million.

The aforementioned negotiations brought up two leading funds: Orion Capital and AEW (linked to a sovereign fund from Abu Dhabi) that entered the due diligence stage. Perhaps, Pontegadea will join them (…). The sale is supposed to be closed in May or June.

Last year, the real estate company chaired by Ignacio Bayón carried out refinancing of a €792 million syndicated debt proceeding from land and dwellings. Also, Realia lost €51 million due to having realized provisions for €64 million but not having activated fiscal credits for €18 million. The group earned €203 million and €103 million of ebidta.

The future owner will have to begin with talks with Fortress and King Street, as these funds bought a €430 million lot from Sareb and a €100 million one from Santander respectively. Yesterday, Realia closed the day at €1.24 per share and capitalisation of €343.95 million.

 

Original article: Expansión (Rocío Ruiz)

Translation: AURA REE

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

BlackRock & THS Strengthen Positions in NH´s Capital

25/01/2014 – Expansion

The evolution of the NH Hotel Group has shot the interest of the funds participating in its capital up. They doubled their stake at the chain chaired by Rodrigo Echenique. Both the U.S. management company BlackRock and the British Taube Hodson Stonex (THS) have taken advantage of Bankia´s leave and bought shares, empowering their postition in the capital´s holding.

According to the sources from the market, BlackRock, the third main shareholder with 5.62% could have raised the percentage of holding up to 9%, equal to 10 millions of titles. On the part of THS, holding 3.89%, it could go up to 5%. At the moment none of the companies informed the CNMV about the new share purchase. The only investment it reported was the one in the Swiss bank UBS that bought 13.49 million shares for more than 66 million Euros, which deed allowed it to reach 5.44%.

Divestment

BlackRock and THS have been shareholders in NH for 5 months by now. Their entrance converged with the first divestment wave in the old saving banks that benefited from the bullish rally in the urban chain in order to bring their hotel adventure to an end.

Thus, Novagalicia Banco, Banco Mare Nostrum and Kutxabank, historic partners of NH, sold 9,3%. Weeks later, the wake was followed by Ibercaja that owned 4,03%. The bank´s leave gave way to the new profile investors, funds, by now unknown to NH but common in other tourism enterprises like IAG (holding of Iberia and British Airways) and Amadeus. Apart from BlackRock and THS, another manager company, Fidelity, acknowledged its 1,46%.

(…) The banks are not the only ones to plan diverse investments in NH.

In 2013, after many failures, the Chinese conglomerate company HNA entered in the capital paying 234,5 millon Euros for 20% of NH. Several months later, it came to agreement with Amancio Ortega, the owner of the textile imperium Inditex, that bought 4,05% for about 50 millons, (…).

After the rearrangement, NH Hotel Group has slightly reduced its core shareholder structure where Hesperia with 20,07% of capital was left, as well as Intesa Sanpaolo holding 4,52%.

What is more, in 2013  the company cleared the financial agenda and obtained liquidity with a new syndicate credit for 200 million Euros, the obligations issue for 250 millions and another issue of the convertible bonds for the same amount. The operative plan´s strategy for five years includes abandoning between 30 and 40 hotels and incorporating 72 establishments and 11.000 rooms in order to grow in size. The plan considers exceeding 200 millions of EBIDTA.

NH does not foresee returning to black numbers by 2016. It lost 18,53 millon Euros last year, juxtaposed next to 292 millons from 2012, according to Bloomberg´s analysts. The revenues increased by 1%. On the stock market, the titles awarded yesterday 3,4% to 4,55 Euros. In 2014, 6,18% has been revised.

Source: Expansión

Bankia Benefits From NH´s Appreciation on the Stock Market & Sells 12.5% of Capital

17/02/2014 – Expansión

Bankia carries on with the intensive divestment process, prolonged for 2014. The bank has taken advantage from the advance of the NH Hoteles on the stock market to leave the chain by selling its 12.59% holding. (…).

The NH closed yesterday with €4.94, after little way up (by 0.3%). Since the beginning of the year, the company´s assets climbed up by 15.3%. If this price taken into account, the lot sold by Bankia costs about €192 million. (…)

With the purchase, AIG obtained a 3% discount. (…) The book value of the shares acquired is estimated at around €100 million. Due to the fact that on the market the holding is worth about €192 million, the buyer can expect capital gains close to €92 million. (…).

Bankia is also a shareholder in such listed companies as Mapfre (2.99%), Realia (27.6%), Deoleo (16.5%), Iberdrola (5.0%) and Metrovacesa (19.07%). (…) Since November 2012, the bank has left 89 firms.

Bankia is in 68% controlled by the Government, with view to privatization (…).

 

Original article: Expansión (G. Martínez/ Y. Blanco)

Translation: AURA REE