15 November 2017 – Expansión
Hispania – the Socimi in which George Soros holds a stake – increased its net profit to September by 31% to reach €179 million, whilst its revenues rose by 19% during the period to €119 million.
By business segment, hotel revenues rose by €98 million or 21%. Hispania explained that the good performance recorded during the first nine months of the year was due to a 10.2% improvement in the average daily price per occupied room (ADR) and a 10.6% rise in the revenue per available room (RevPar) of its hotels in the Canary Islands.
Meanwhile, the turnover of its offices reached €16 million, up by 16.6%. During this period, Hispania increased the occupancy rate of its offices from 82% in December 2016 to 86% with a gross space leased of more than 15,000 m2 during the period.
The company, which had been negotiating the sale of its office portfolio, decided to postpone that operation due to the situation in Cataluña. Hispania expects to resume the sales process during the first quarter of next year.
Finally, revenues from the residential area decreased by 12% to €4.1 million. Hispania is continuing with its plan to sell homes in the retail market, which it began at the end of 2016. During the period, the Socimi sold 47 units in total between Isla del Cielo and Sanchinarro (Madrid), to accumulate a gain on the sale of 38% on the investment made.
Revaluing its portfolio
The value of the company’s real estate assets as at 30 September amounted to €2,347 million, which represents an increase of 17% with respect to the start of the year and a rise of 40% compared to the same period last year.
By segment, the value of Hispania’s hotel assets amounts to €1,516 million, its offices are worth €591 million and its residential assets amount to €239 million.
At the end of the period, Hispania had financial debt amounting to €620 million in total, with an average cost of 2.6%, compared to €631.3 million at the same time last year.
Original story: Expansión (by R. Arroyo)
Translation: Carmel Drake