Baraka Completes €7M Capital Increase & Ends Deal With Hines

13 December 2017 – Eje Prime

Trinitario Casanova is ending the year with a low profile. After the hype of Edificio España and his various other investments in the Spanish real estate market, the Murcian businessman is preparing for next year by inflating his financial capacity by €7 million. Moreover, his company recently broke its agreement with Hines to market the asset that the former sold to the latter, specifically, number 13 Calle Preciados, according to sources close to the group speaking to Eje Prime.

The group’s most recent activity includes a €6.8 million capital increase by the company Baraka Invest Global, the investment arm of Trinitario Casanova, through which he invests in real estate and other types of business. In this way, the company’s share capital rose to €96.8 million, according to the Official Gazette of the Mercantile Registry.

Baraka Invest Global is the company through which Trinitario Casanova has carried out its most recent real estate operations. It is also the parent company of other entities such as Baraka Ventures of Florida, specialising in real estate investments; Baraka Viviendas, specialising in the development of homes and residential land; and Baraka Renta, which is responsible for promoting and operating shopping centres for rent.

Despite fortifying its investment companies, the firm has lost several businesses along the way this year. One example is the agreement that it held with Hines regarding number 13 Calle Preciados. Sources in the sector explain that, although Casanova had signed a marketing agreement with the US group, that deal is no longer valid, and Hines is now solely responsible for marketing the asset (…).

Baraka sells land

Nevertheless, Trinitario Casanova has been pushing ahead with many of the projects in his portfolio (…). In November, he sold the last three residential plots he owned in one of the development areas in the north of Madrid, Valdebebas. In fact, Grupo Baraka sold land with a total buildable surface area of 35,000 m2, after reaching an agreement with the joint venture between Gestilar and Morgan Stanley. The new owners plan to invest €100 million on the construction of around 200 homes (…).

Original story: Eje Prime (by C. Pareja)

Translation: Carmel Drake