Tag: legal advice

Sareb’s Socimi Will Debut On The MAB Before Year End

18 July 2017 – Expansión

The Listed Real Estate Investment Company (Socimi) being driven by Sareb, to enable it to put some of its stock of rental homes onto the market, will be called Témpore Properties. And, the vehicle is expected to make its debut on the stock market before the end of the year, once it has completed all of the procedures required by the Alternative Investment Market (MAB), according to a statement issued by the so-called bad bank.

Sareb has already completed the first steps by constituting the new company and engaging advisors to accompany it throughout the process, such as Renta 4, which will act as a global advisor, and Clifford Chance, which will render legal and tax advice to the project.

Those experts have been joined recently by the real estate consultancy CBRE, which is working on the valuation of the properties that will be incorporated into this new divestment vehicle, and which form part of the portfolio that Sareb has for rent in the autonomous regions of Madrid, Cataluña, Andalucía and the Comunidad Valenciana.

The valuation of each one of the assets must be performed in accordance with the standards established by the Royal Institution of Chartered Surveyors (RICS), in line with the requirements of institutional investors.

€7 million debt repayment

Sareb has also repaid senior debt amounting to €7.05 million after having proceeded last week to rectify the asset transfer contract signed in 2013 with Banco Mare Nostrum (BMN), an entity that is currently involved in a merger process with Bankia.

The rectification, corresponding to a contract signed with BMN on 25 February 2013, become effective on 11 July 2017, through the early partial repayment of some senior bonds.

Specifically, 69 senior bond titles 2016 and 2017 were repaid, together with €153,596.80 in cash, according to a statement filed by the so-called bad bank with Spain’s National Securities and Markets Commission (CNMV) (…).

Original story: Expansión

Translation: Carmel Drake

Leonardo Hotels Buys Its Third Establishment In Madrid

29 September 2016 – Hosteltur

Leonardo Hotels is continuing its expansion in the Spanish capital with the acquisition of its third hotel, the Gran Atlanta Madrid, which will be incorporated into its portfolio from 30 September. According to Hosteltur, Gran Atlanta will join two other properties that the largest group in Israel bought in July. The Gran Atlanta Hotel is a four-star property and has 180 rooms, as well as five meeting rooms, with capacity for up to 100 people, and a restaurant.

A determining factor in the acquisition of the hotel has been its prime location, right in the heart of the financial and business district of the city. It is close to the Santiago Bernabéu Stadium and is well-connected by public transport, both in terms of local trains (Cercanías) and the Metro, which allow guests to travel quickly from Nuevos Ministerios to the centre or to the airport in just 15 minutes.

The Hotel Gran Atlanta Madrid will retain its current name until the renovation work has been completed. The refurbishment is due to take place between April and the autumn of 2017, when the property will adopt the Leonardo Hotels brand name. The international law firm Hogan Lovells has provided legal advice once again in an operation that has been advised by Planet Hotels & Resorts.

According to the Director General of Leonardo Hotels for Europe, Daniel Roger, “the decision to acquire another property in Madrid was not hard when we found the Hotel Gran Atlanta. Our success is based on our strategy of owning several hotels in Europe’s major cities and on the synergies that that approach generates. Naturally, the building’s potential and its excellent location have also been decisive factors.

The firm now has five hotels in the Spanish market, two in Barcelona (Leonardo Hotels made its debut in Barcelona with the Boutique Hotel Sagrada Familia) and three in Madrid. Roger added, “this represents a boost, in a short period of time, which makes our offer even more attractive and allows us to develop and strengthen our position in Spain ever further. We will continue our growth soon with more acquisitions here (in Spain) as well as in other countries in Europe”.

Leonardo Hotels is the European division of the Fattal Hotels Group, founded by David Fattal in Israel. It has operated in the European market since 2007 and owns more than 65 establishments in the superior 3-star and superior 4-star categories in more than 35 cities aross the continent, in countries such as Germany, Austria, Switzerland, Belgium, the UK, Spain, Hungary, the Czech Republic, Italy and the Netherlands. In total, its properties have more than 10,000 rooms and 20,500 sqm of space for meetings and conferences.

Original story: Hosteltur

Translation: Carmel Drake