Tag: Israeli fund

Urbania Raises €300M to Invest in Real Estate

9 May 2018 – Expansión

The residential property developer Urbania is going to invest €300 million over the next two years in homes and student halls of residence. Following a stage during which it has alternated between residential development and the purchase, renovation and sale of buildings, it considers that now is the right time to leave that formula to one side and focus on the development of land right across Spain to construct homes and build halls of residence for students.

To this end, it has divested some of its renovation projects, such as the building located at numbers 329-331 Avenida Diagonal in Barcelona, which it has sold to a local family office and an Israeli fund for €35 million.

Currently, Urbania is working with four overseas funds to build more than 2,000 homes all over the country, worth €450 million. The group has structured a new vehicle in which Urbania holds a stake for each one of the four overseas funds with which it works on a regular basis in order to invest up to €100 million in the acquisition of land in the main Spanish cities.

Moreover, Urbania has a budget of €200 million for its student hall of residence division, which it is operating under the Syllabus brand and which it plans to increase from its current volume of 1,500 beds to 4,000 beds.

Original story: Expansión (by Marisa Anglés)

Translation: Carmel Drake

Israeli Fund Adar Asks for Two Seats on Neinor’s Board

15 March 2018 – Expansión

The Israeli fund Adar is claiming its space at the table of Neinor’s most senior executive body. After taking ownership of 24% of the property developer and buying almost 18% of the real estate company’s shares in just one month, Adar has requested two seats on the Board of Directors.

To this end, Adar has asked that its request be included on the agenda of the next meeting, which is scheduled for 17 April at the first call, or, if the necessary quorum is not reached, for 18 April.

Adar has proposed the appointment of Jorge Pepa and Francis Btesh as proprietary directors. In this way, the group’s Board of Directors would comprise nine members, up from the current number, seven.

The last change in Neinor’s Board of Directors took place with the departure of Dominique Cressot, a Director who represented the fund Lone Star, which sold the last remaining share package that it owned in the company last January.

In his place, the shareholders appointed Alberto Prieta, Managing Partner of the Real Estate team at BDO, as an independent director.

Adar, which first acquired shares in Neinor when the firm made its stock market debut almost a year ago, is now the real estate company’s largest shareholder, ahead of the Bank of Montreal (5.2%), Norges Bank (5.06%), Invesco (5.02%), Wellington Management Group (4.96%) and Ksac Europe (4.2%). The fund controls a package worth €296 million.

Original story: Expansión (by R. Arroyo)

Translation: Carmel Drake

Israeli Fund Adar Buys 3.5% of Neinor to Increase its Stake to 15.4%

8 March 2018 – Eje Prime

Neinor Homes is continuing to attract attention from international investors. The Israeli fund Adar has purchased an additional 3.5% of the property developer’s share capital, according to a statement filed by the group with Spain’s National Securities and Exchange Commission (CNMV). In this way, the fund now controls 15.4% of the group.

The package acquired by Adar coincides with the percentage that the US fund Wellington sold a week ago. The Israeli fund has reaffirmed its commitment to the stock in the midst of an attack by bearish speculators, who have doubled their presence in Neinor to reach a record level of 4.5% of its share capital, according to Expansión.

The property developer’s roadmap until 2022 involves investing €1.5 billion in order to hand over 15,000 homes during that period. Neinor’s portfolio of homes in stock currently amounts to 12,472 compared to 9,025 last year.

Original story: Eje Prime

Translation: Carmel Drake