Héctor Colonques Acquires 4.9% of Árima for €5M

29 October 2018 – Europa Press

Héctor Colonques Moreno (pictured below, centre), the controlling shareholder of Porcelanosa, has acquired a 4.99% stake in Árima, the company constituted by the former CEO of Axiare, José Luis López de Herrera-Oria, which made its stock market debut last week with a public share offering (OPS).

Colonques has acquired half a million shares in the firm, a package worth €5 million based on the share price of €10 that was set for the IPO.

Nevertheless, that stake is currently worth €4.65 million, given that the firm’s shares are trading at around €9.30.

The investment by the co-owner of Porcelanosa follows others made by institutional investors, which are emerging in the days following the firm’s placement in the register of Spain’s National Securities and Exchange Commission (CNMV).

In this way, Bank of Montreal has acquired 9.79% of the share capital of the new Socimi, whilst Morgan Stanley has purchased 9.4% and the fund Pelham Capital another 9.9%.

Árima made its stock market debut last Tuesday, 23 October, after reducing its OPS by one third. It was set at €100 million in the end and its placement period was extended by several days (…).

Original story: Europa Press 

Translation: Carmel Drake

Land Use In Espai Vila-Real May Be Modified

20 October 2017 – El Periódico Mediterráneo

“Clearly, times have changed”. With that phrase, José Benlloch, the mayor of Vila-real, acknowledged that the plots of land in Espai Vila-real may be reclassified (in terms of their use), now that the Government has decided that the intermodal station will not be constructed in Castellón.

One door closes, but others open, and the Town Hall wants to be prepared not to waste its opportunities. It is for that reason that Benlloch is planning to meet the owners of the land, spanning 1 million m2, which comprises this Comprehensive Action Plan (PAI), to find out “what options are being considered in terms of its ownership and to inform them about the current possibilities”.

The mayor seems willing to modify the uses of the land if necessary and to “change the terms of the program, provided there are expectations on the part of the owners”. The one option the municipal corporation has ruled out is the large shopping centre that the Popular Government’s team, led by Juan José Rubert, planned in 2007. That plan included, amongst other matters, the arrival of the Swedish multinational Ikea in the town.

Mediterranean Corridor

One of the options that is gaining strength at the moment is the conversion of these plots, located opposite Porcelanosa, into a logistics hub, linked to the construction of the third strand of the Mediterranean Corridor. Such infrastructure is being demanded not only by the Regional Government but also by most of Valencia’s businesses. “We are aware that if this goes ahead, users will need places for storing goods temporarily, and we think that these plots are perfect for that, given that they are located in the heart of a very industrial district, La Plana Baixa”, explained the mayor.

Even though this idea will be on the table at the meeting between the Town Hall and the landowners, Benlloch is convinced that this question may be “compatible” with other proposals linked to the installation of new industries and projects relating to services, as well as the business that may be negotiated over the next few months. That said, the mayor wants to begin the new phase that is been opened by drawing “a roadmap that is shared” with the owners.

Original story: El Periódico Mediterráneo (by Xavi Prera)

Translation: Carmel Drake

Antonio Calero Acquires Paseo Neptuno, 72 In Valencia

4 November 2016 – Real Estate Press

Through one of his companies, the businessman Antonio Calero has acquired the building located on Paseo de Neptuno, number 72, owned until now by Ernesto Martínez Colomer.

Calero is the main shareholder of the Marina Beach Club complex in Valencia, whose name will also be used on this occasion.

With a total investment of €14 million, to cover the cost of buying the building and converting it into a hotel, Calero, plans to turn the property into a hotel and restaurant.

The three-storey building has a similar structure to those of other hotel complexes in the surrounding area, which has been established by the municipal legislation that applies to the area, and especially to these types of buildings that overlook the Paseo Marítimo and the beach.

The municipal constraints also affect the design of the property, in such a way that the final façade still needs to be agreed in conjunction with the Town Hall of Valencia. In any case, the project has been assigned to the architect José Martí from the ERRE studio, a personal friend of the businessman, who is looking for a totally renewed and different concept at the club, with the fundamental premise that the complex be “very representative of the Valencian character”.

Each one of the hotel’s 50 rooms will be fashioned by a local designer, who will source supplies from major companies in the furniture and furnishings sector, including Andreu World, Viccarbe and Porcelanosa, according to Calero. “The idea is that our clients will be able to experience up to 50 different nights”, said the owner.

Calero also highlighted the “exclusive” character of this new project. The price per room will reflect the rates charged in the area for a 5-star hotel. Although the figures have not been determined yet, competitors in the area charge between €150 and €900 per night.

Those figures are based on low season rates at the nearby Hotel Balnerio Las Arenas, located just a few metres away. At Hotel Neptuno, which is also nearby, but which is a 4-star property, prices range between €100 and €400 per night.

In any case, to obtain the highest distinction in terms of hotel category, the owner will have to make a series of structural changes to the property, which still need to be defined.

The purchase has just been completed, which means that the project is in its very early stages. The application for the building licence and permits will now be submitted and the construction work is expected to take at least 15 months, which means that it is unlikely that the hotel will open for another two years. In other words, the new hotel should be ready for summer 2018.

Original story: Real Estate Press

Translation: Carmel Drake