Renta Corporación’s Profits Tripled in 2017 to €12.5M

1 March 2018 – Eje Prime

Renta Corporación multiplied its profits three-fold in 2017. The Spanish real estate company earned €12.5 million last year and recorded revenues of €45.8 million, up by 71.5%, according to a report filed by the company with Spain’s National Securities and Exchange Commission (CNMV).

Last year, the company improved on the €4 million profit it recorded in 2016, due, in part, to an increase in its property sales line of business, which recorded turnover of €29.7 million, and its project management line of business, which recorded revenues of €13.1 million.

The company’s gross operating result (EBITDA) amounted to €11.4 million in 2017, which represented a three-fold increase. Moreover, Renta’s operating margin amounted to €18.3 million at year-end, double the figure recorded in 2016.

The company’s net financial debt almost doubled in 2017 to €31.1 million. In 2018, the real estate company led by David Vila expects to increase its profits by 28% to reach €16 million. Moreover, Renta’s strategic plan for the next few years forecasts that the company will earn €21.1 million in 2019 and €21.9 million in 2020.

Original story: Eje Prime

Translation: Carmel Drake

Mapfre Inaugurates Newly-Renovated Office Building In Plaza De La Independencia

26 October 2017 – Inmodiario

Mapfre has started the hand over to its tenants of the building on Plaza de la Independencia 6, in Madrid. Dokei RE prepared the execution and activity plans.

Dokei RE was awarded the full scope commission, including the writing of the due diligence report for the acquisition of the building, determining and limiting the risks of the development, logging the necessary urban planning queries given that the building is surrounded by several historical monuments, performing the Project Management services and coordinating all of the teams involved in the construction work.

The building, located in a unique position, in an unparalleled environment, has been renovated in accordance with the highest quality standards in terms of its finishes, installations, as well as sustainability. It has an A-rated Energy Certificate and a Gold Leed rating.

The property comprises open-plan floors, without any pillars, which allows for the maximum efficiency and natural light from 4 of the 5 façades (…).

With a total constructed surface area of 11,568 m2, of which 7,559 m2 is above ground and a useful surface area of 9,893 m2, “Plaza de la Independencia has sought to install the best acoustic and thermal insulation, and as such, all of the external windows and doors have been replaced and the insulation of the façades has been reinforced (…). Moreover, the use of a highly efficient air conditioning system has allowed us to obtain an A energy rating”, said Jesús Lanzón, Director at dokei RE (…).

The building has a car park, paved with resin and equipped with LED lighting; meanwhile, the basement level has parking space for bikes and a changing room/shower area.

Original story: Inmodiario

Translation: Carmel Drake

ACR Emerges From The Crisis Thanks To RE Recovery

20 May 2016 – Expansión

After the slump of 2013 and 2014, the Spanish construction company ACR, which specialises in the construction and development of residential housing, has experienced significant growth thanks to the recovery of the real estate market in Spain. “The residential construction segment has clearly improved”, said Michel Elizalde (pictured above), the CEO of the company, which saw its turnover soar by 45% in 2016, to reach €130 million.

The fruits of 2015 (€100 million in new contracts) have contributed to increase the size of the portfolio to €125 million, of which only 10% comes from abroad. Spain, unlike the trend in other construction companies, has offset the irregular nature of the business overseas. ACR is withdrawing from France and is analysing Colombia very carefully, where it is starting to feel the lack of projects due to the difficult economic situation, driven by the unfavourable exchange rate versus the euro, the decrease in the price of oil and in fall in prices of raw materials. “Our international expansion is costing us more than we expected it would when we launched the initiative in 2011”, acknowledges Elizalde. ACR will continue to analyse opportunities in Colombia, but it will abandon the French market, due to the barriers to entry against foreign groups and the different culture there in terms of contracting suppliers.

ACR performs most of its work for third parties, and the remainder relates to developments in different cities, primarily, in Madrid and Barcelona. Currently, the group has around 1,900 homes under construction. According to ACR, the factor that has most contributed to the mobilisation of the Spanish residential market has been the entry of new investors, primarily investment funds, which require the support of groups with experience in construction to develop their projects. “In addition, there was pent-up demand, which is now flourishing, although we are still a long way off the production speeds of 100,000 homes per year”.

ACR, with a controlled debt of €26 million, expects its turnover to reach €140 million this year, on the basis of its performance during the first four months of the year. “We are evolving from a real estate construction firm into a project management partner”, said the CEO of ACR.

Elizalde gave the example of his firm’s agreement with the fund Allegra to develop two housing complexes in Madrid.

Original story: Expansión (by C.Morán)

Translation: Carmel Drake