Slim Acquires 3% of Quabit for €4.8M

7 January 2020 – El Confidencial

The Mexican businessman Carlos Slim has acquired 3% of the share capital of Quabit for €4.8 million through his investment company Inversora Carso to become the property developer’s sixth-largest shareholder.

Quabit’s share price rose by 5.15% to €1.14 following the announcement of the purchase. The property developer’s president Félix Abánades is the largest investor with a 20% stake, followed by the Swiss manager Julius Baer (8.7%), the investor Francisco García Paramés (5%), the fund Gescooperativo (3.5%) and the Malagan property developer Sankar Real Estate (3.3%).

Slim appears to be redoubling his commitment to the Spanish real estate market, given that he already holds stakes in FCC and Realia, which currently have 800 and 750 homes under construction, respectively, along with 4.4 million m2 and 5.8 million m2 of land ripe for development, respectively.

Original story: El Confidencial (by Ruth Ugalde)

Translation/Summary: Carmel Drake

Orion Becomes Neinor’s 2nd Largest Shareholder with an 11.1% Stake

29 May 2019 – Eje Prime

The French fund Orion European Real Estate has doubled its stake in Neinor Homes in just two months to 11.1%, despite the profit warning issued by the property developer in April.

As such, Orion is now Neinor’s second-largest shareholder, after the Israeli fund Adar Capital, which owns 28.7% of the shares. Other shareholders include Bank of Montreal (5.2%), Julius Baer (6.2%) and King Street Capital (4.1%).

Based on the current share price, Orion’s package of 8.8 million shares in Neinor is worth €95 million.

Original story: Eje Prime 

Translation/Summary: Carmel Drake

Julius Baer Acquires 3% of Metrovacesa and 8.14% of Neinor

17 April 2019 – Voz Pópuli

The Swiss bank Julius Baer has been increasing its stakes in the main Spanish property developers. The company now owns 3% of Metrovacesa through its Sicav Kairos and 8.14% of Neinor Homes, of which 6.55% is held indirectly.

As such, the Swiss bank is the second largest shareholder of the property developer created by Lone Star, behind the Israeli firm Adar Capital, which controls 28.6%.

The share purchase by Julius Baer comes a week after Neinor’s board approved the replacement of Juan Velayos as its CEO, in an environment of maximum uncertainty in terms of the achievability of the objectives set by the Spanish property developer.

Neinor’s share price has fallen by 17% so far this year, and as such, each share is worth around €10, well below its stock market debut price of €16.98.

Nevertheless, the group’s results for 2018 were strong, with revenues of €382 million, up by 70% YoY and an EBITDA of €56 million, which was almost seven times higher than in the previous year. Moreover, the property developer has already pre-sold 80% of the units it plans to deliver in 2019 and 30% of those due in 2020.

Original story: Voz Pópuli (by David Cabrera)

Translation/Summary: Carmel Drake

Julius Baer Relocates to Old Banesto Premises

24/11/2014 – Expansion

Swiss bank Julius Baer has decided to move its Madrid headquarters from the 40th floor of the Torre Picasso tower to the Paseo de la Castellana street.

The private banking leader has leased a 2.000 square meter office space in a building located at number 7 of the famous downtown street of the Spanish capital city. The property, owned by the Samca group, has housed premises of another bank, Banesto, for years.

Advisory firm Gabinete Inmobiliario assisted at the operation. Its CEO Martin Perea said that the CBD of Madrid sees more and more moves of this kind, proving a progressive recovery of the market.

This area shows a 6.4% availability rate and a 15.9% on average, according to BNP Paribas. Office rentals in the area are 25.5 euros per square meter, or even 30 euros in case of unique properties.

Until now, Spanish team of Julius Baer used to share an office space on one of the last floors  of the Torre Picasso with Bank of America Merrill Lynch. The two entities cooperated on a real estate management project.

Now the Swiss bank is going to share the two-storey, 1.200 square meter property with the White & Case lawyers office. The building was thoroughly rehabilitated few years ago and it is also let to Munich Real Estate, Standard & Poor’s, Mitsui and FTI Consulting.

EY, Deloitte and Jaguar Land Rover stayed in the Torre Picasso skyscraper.


Original article: Expansión (by R. R.)

Translation: AURA REE