New Build Homes Return to La Moraleja Thanks to Miguel Ángel Ruiz

9 January 2018 – Eje Prime

New build homes are returning to La Moraleja. The exclusive residential complex in Madrid has expanded its community with the incorporation of 100 homes corresponding to the Camino Ancho 2 development, a project led by the businessman Miguel Ángel Ruiz, through the company ‘Universal de Negocio e Inversiones’, which he owns jointly with Carlos Cutillas (50% each). The keys for these properties are expected to be handed over during the coming months.

The businessman from Soria, who owns a home in the same urbanisation, acquired, together with Cutillas, the owner of Inmobiliaria Chamartín, land in La Carrascosa, a plot that had been owned until then by Luis Rodríguez Durón, according to El Confidencial.

Ruiz is a player who is backing the Spanish residential sector hard after making his fortune in Mexico, where he emigrated to when he was young in search of work. A successful man on the other side of the pond, the property developer owns several assets in the Aztec country, including The Point, a complex of homes, offices and businesses in the Mexican capital.

Similarly, the businessman is also a partner of Dunas Capital in the development of its recently created real estate company, Viveland. The agreement between those two parties includes several purchase options over the plots of land located around an urbanisation in Alcalá de Henares, in Madrid, where the company could build almost 350 homes.

Original story: Eje Prime

Translation: Carmel Drake

RE Firms Prevalent On Hacienda’s List Of Overdue Debtors

24 December 2015 – El Mundo

The tax authorities have published their list of overdue debtors for the first time.

Four large construction companies from the bubble – Reyal Urbis, Nózar and the Cordoban companies Prasa and Arenal 2000 – together owe the tax authorities €852 million.

The real estate bubble was made possible not only thanks to the banks’ willingness to grant loans, but also because the property developers that borrowed money stopped paying their taxes. That is the main conclusion to be drawn from the list of overdue debtors that the tax authorities have published for the first time just days before Christmas Eve – which features construction companies and manufacturers of construction materials in abundance. (…).

Almost none of the stars of the Spanish real estate bubble are missing from the list of major overdue borrowers. Four names stand out in particular: Reyal Urbis, owned by Rafael Santamaría; Nózar, owned by the Nozaleda family; the controversial property developer Rafael Gómez ‘Sandokán’ (Arenal 2000) and the Cordoban group Prasa, owned by the Romero family. Together, the four owe debt amounting to €852 million.

Reyal Urbis leads the ranking of overdue borrowers with a tax debt of €378.2 million. (…). But countless other companies owe millions of euros. From Fernando Martín, the major shareholder of the bankrupt Martinsa Fadesa (€65.39 million) to Carlos Cutillas, one of the main operators in the north of the capital with his company Inmobiliaria Chamartín (€20.53 million). Alongside them feature hyperactive property developers from the boom years, such as Dirusa (€40 million), the Lábaro group (€27.8 million) the Álvarez family (Gedeco-Avantis, with €17.7 million) and Detinsa (€29 million).

Riofisa, the construction company created by the Losantos family and acquired at the height of the boom by Luis Portillo, owes €31.97 million. Another one of the major overdue borrowers is Hilario Rodrígeuz Elías, who was considering listing Group Tremón, a construction company with operations in Madrid and Andalucía, on the stock exchange. His companies Atlantis Servicios Inmobiliarios and TR Hoteles Alojamientos y Hosterías together owe €47.77 million. Other less well known property developers that also have sizeable debts with the tax authorities include: Ventero Muñoz (€11 million); the unknown Ramón Olivareas Garrigós (€68.6 million), owner of Grupo Casoli and the company Vivienda y Bienestar SL; Carlos Monteverde de Mesa, owner of Grupo Monteverde (€13.9 million) who was linked to the “Blesa case”; José Ávila Rojas (€4.3 million); and the Torrego family (Conther), former owner of Cine Bogart and Continental Auto (€2.5 million).

Sahanuja, the great Catalan saga

The Sanahuja family owes the tax authorities €37.2 million through three of its companies -Sanahuja Escofet, Sacresa Terrenos and Sacresa, Terrenos y Promociones-. (…). Another one of the largest overdue debtors is Vicente Roig, owner of Grupo Coperfil, who owes the tax authorities €69.79 million through four companies.

Marina D’Or and the Valencian clans

Jesús Ger, who was behind the Marina D’Or golf complex, owes the tax authorities €46.3 million through his company Comercializadora de Mediterránea de Viviendas. (…). The Community of Valencia is very well represented in the list of overdue debtors. Another illustrious surname is that of the Serratosa Caturla brothers, who together have a debt of €15.9 million. They are joined by Bautista Soler, the partner of Luis del Rivera, who owes €26 million through the companies Inmobiliaria Lasho and Urbanas de Levante. Andrés Ballester, owner of Edificaciones Calpe and the company Nereida, with a debt of €17.7 million. And the controversial builder from Alzira, Vicente Girbés Camarasa, owner of Grupo Blauverd, with €20.6 million. And Juan Cotina and his companies Asedes Capital and Asedes Infraestructuras, with €21.4 million.

Other (in)famous overdue borrowers include the Mexican businessman Luis Nozaleda Arenas; the Romero family, the Sánchez Ramade brothers and Rafael Gómez Sandokán, all from Cordoba; and Facundo Armero, the Murcian developer behind Polaris World, who owes €78.5 million.

Original story: El Mundo (by José F. Leal)

Translation: Carmel Drake

Lone Star Buys 4 Shopping Centres In Portugal For €500M

19 August 2015 – Expansión

The US fund Lone Star has purchased four Dolce Vita shopping centres in Portugal from the Spanish real estate company Inmobiliaria Chamartín for €500 million, according to the Portuguese newspaper Público.

The shopping centres are located in Porto, Vila Real, Coimbra and Lisbon. Lone Star became the largest real estate developer in Spain as a result of its purchase of Neinor from Kutxabank. Although the consideration paid in this latest transaction has not been disclosed, market sources told Público that the price was around €500 million.

Real estate bubble

The assets acquired by the US fund, some of which are in the development phase, were purchased by Inmobiliaria Chamartín in 2006 from the Amorim Group, which is controlled by the businessman Américo Amorim. The burst of the real estate bubble made Chamartín’s financial situation more difficult, and its creditors forced it to sell various assets in recent years. The company still owns a few buildings in Libson and Sintra, but it may have to sell those too over the coming months.

Lone Star’s investment in Portugal strengthens the recovery of the country’s real estate market, which, according to the consultancy Worx, has receivd investment of more than €1,000 million during the first half of this year; that figure comes close to the €1,200 million that was invested in 2006, before the start of the crisis.

Spain

The US fund, whose chief executive in Spain and Portgual is Juan Pepa, has been very active in the Iberian Peninsula’s real estate market in recent months. After acquiring Neinor for €930 million, the fund invested a further €300 million to purchase land from developers and banks. In addition, Lone Star has said that it has plans to invest a further €1,000 million this year to buy more land in Spain.

Original story: Expansión

Translation: Carmel Drake

Reig, Koplowitz & Cutillas Dread the Future of Their Real Estate

30/04/2014 – El Confidencial

On May 5th, when Eurohypo finally seals the sale of its Spanish mortgage portfolio, María Reig (Reig Capital), Alicia Koplowitz (Omega Capital) and Carlos Cutillas (Inmobiliaria Chamartín) among others will get to know the new owner of their debt.

Since the branch of Commerzbank announced the sale of the €4.5 billion credit portfolio in January, many debtors started to suffer from insomnia. The threat that ApolloLone StarBlackstone or Cerberus could acquire the lot and through the debt execution snap all their most valuable assets is the doom´s day scenario for them.

Cutillas and his Inmobiliaria Chamartin are in the worst situation as Eurohypo´s Octopus Project contains €450 million in his loans.

Apart from Inmobiliaria Chamartin, the portfolio contains credits granted to such real estate giants as RealiaMartinsa-FadesaTesta and Metrovacesa, hotels like AC HotelesMeliáTrypHotusa and Kempinski and stores groups like HinesEroskiSonae and Rodamco.

Also, large private investors have a reason to fear. The most prominent in this case is Alicia Koplowitz who owes €100 million to Eurohypo through her manager Omega Capital. She used the financing given by the bank to buy the Rey Juan Carlos hotel and a building on the Castellana Street in Madrid and 50% of the Ritz hotels in Barcelona. Unfortunately for Koplowitz, the properties call great attention of investors exploring the Octopus Project assets.

In turn, businesswoman Maria Reig has got inside the portfolio a €120 million debt proceeding from acquisition of Mutua Madrileña with headquarters on the Almargo Street in Madrid.

 

Original article: El Confidencial (by Carlos Hernanz)

Translation: AURA REE