Tag: results

Merlin Properties’s Net Benefit Posts €29 Mn in Nine-Month Period

14/11/2014 – El Economista

Floated last June 30th, Merlin Properties gained €29 million in the first nine months of 2014, and its Ebitda showed €23.7 million.

According to its balance report provided to the National Stock Exchange Commission, the REIT’s revenues amounted to €27.8 million, and the gross income to €25.8 million with large majority (€22.1 million) proceeding from the business acquired from Tree Inversiones Inmobiliarias.

In the third quarter of the year only, Merlin sealed 5 deals for a total amount of nearly €1.92 billion, of which a bit more than €1.9 billion corresponded to the asset purchase cost and €9.3 million to general transaction expenses.

On all of the purchases, Merlin spent almost €1.08 billion from its own funds, with the remaining €837.9 million representing current liability of Tree Inversiones, gathering 880 banking branches and 5 buildings fully leased to BBVA and located in various places in Spain.

The real estate assets’ gross value totals at over 1.99 billion, whereas their par value at €1.35 billion (10.49 euros a share). At the end of the period, the indebtness of the Socimi showed €631 million.

In the fourth quarter of 2014, Merlin Properties branched down its business and created three affiliates: Merlin Retail, Merlin Oficinas and Merlin Logistica, responsible for purchase and management of corresponding assets. Additionally, it maintains a division grouping assets of Tree Inversiones.

 

Original article: El Economista

Translation: AURA REE

Realia Trims Losses 15% in the Middle of Tender

13/11/2014 – Expansion

Real estate company Realia provided reporting on its January-September 2014 balance which showed that during the underlying time the firm has reduced its loss by 15% to €14.7 million, mostly thanks to sale of a stake in French Siic de Paris, bringing it a 4.2 million profit.

In the nine months, Realia’s revenues rose 15.9% up to €89.7 million, to a large extent proceeding from its land and residential housing development divisions. In the third quarter solely, the company chaired by Ignacio Bayon sold a plot in Warsaw, Poland, and 120 dwellings and retail units. However, the transactions did not pay-off and showed a negative margin.

Rentals produced a €58.72 million income. Ebitda posted €22 million, down 29.5%, and overall expenses declined 14%.

From January throughout September, Realia settled its net debt at €1.07 billion, juxtaposed with the €1.71 billion haunting it during the same period in 2013. Nearly half of it reaches maturity in 2016.

The good-sounding data arrives in the middle of the sale of a 56% stake jointly held by FCC and Bankia. The majority share seems appealing to Torreal, funds Fortress and King Street allied with Spanish Azora, as well as to Colonial, controlled by Juan Miguel Villar Mir, all its bidders.

 

Original article: Expansión (by R. Ruiz)

Translation: AURA REE

Quabit Inmobiliaria Gains €56.7 Mn by End of September

13/11/2014 – El Economista

Quabit Inmobiliaria reported a €56.7 million net profit from January-September, compared with the €23.8 million loss from the same period of time a year earlier. It more than doubled the three quarters of 2013 as its revenues posted €52.9 million.

Furthermore, the firm’s Ebitda showed €69.2 million. In contrast, last year the same indicator marked a €4.2 million loss.

Quabit‘s team said the improvement ‘is basically due to the advance in debt restructuring agreement’.

Also, there has been ‘a slight impluse in the company’s activity as it could offer prices aligned with the market thanks to trading contracts with financial entities and having charge-free assets’.

During the first nine months of the year, Quabit handed over 71 ready dwellings, cutting in overall stock by 19% and leaving it at 302 units. Of all deliveries, only 30 houses corresponded to a finished housing development given out to a bank. The rest of the dwellings were delivered to private buyers.

 

Original article: El Economista

Translation: AURA REE

Meliá Boosts Profits 56% to €35 Mn

12/11/2014 – Expansion

This year’s well-faring tourism sector spurs on Meliá Hotels International‘s results. The chain run by the Escarrer family earned €34.92 million from January to September, 55.6% more from the same term in 2013.

The revenues rose 9.2% and posted €1.15 billion , whereas the Ebitda remained stable at around €200 million.

Meliá cut in its net liability by €65 million and it is set to develerage even more by the end of the year, thanks to a combination of improved sales, asset turnover and turning €18.5 million into a convertible bond.

The Outlook

The hotel chain closed the third quarter books with a 12.6% advance in RevPAR (revenue per available room), of which 70% corresponds to better prices. In Spain as a whole, city hotels also saw an increase of 7.8% in their RevPAR rates.

In 2014, Meliá added 17 hotels to its portfolio – and now it holds more than 365 establishments – and the chain foresees reaching a number of 25 units in the last quarter through management contracts and capital-safe formulae.

On the stock exchange market, Meliá’s shares sell at 8.05 euros each.

 

Original article: Expansión (by Y. Blanco)

Translation: AURA REE

NH Registers €42 Mn Loss But Fares Better in Spain

4/11/2014 – Expansion

The NH Hotel Group’s profits slowly creep up. In the third quarter of 2014, the chain earned €320.6 million (3% more) and established its Ebitda at €33.5 million, sending it 16.2% up. NH gained €400.000, contrasting with the €10.4 million amount lost in Q3 2013.

Year-to-date, though, the profit and loss accounts stay in the red. From January to September, NH quadruplied the loss (€42.4 million) but the figure does not take into consideration the €225 million amount obtained from the sale of Sotogrande, the chain’s real estate firm. This transaction will be included in the fourth quarter calculations.

By September, sales remained stable and oscillated around €935 million with Ebitda 2.9% down to €79.3 million.

Advancing in its portfolio renovation, the hotel group put emphasis on the increased sales on the Spanish market which rewarded it with 7.4% better performance and recurrent Ebitda skyrocketing from €2.67 million to €6.65 million.

At theend  of the year, NH hopes to raise the earnings by 10-15%. As per September 30th, the group’s net debt showed €756.6 million, 4.3% more quarter-on-quarter.

 

Original article: Expansión (by Y. Blanco)

Translation: AURA REE

From January to September, Klepierre Earns Less YoY

24/10/2014 – Mis Locales

The French retail park operator gained in Spain by 31% less from January to September in comparison to the same period of time in 2013.

Specifically, year-to-date Klepierre earned €36.9 million in this country, while a year before the firm registered an €53.5 million total income.

However, comparable sales of its mainland shopping centers boosted Klepierre’s business by 6.1%.

 

Original article: Mis Locales

Translation: AURA REE

Engel & Völkers Registers 21% Better Sales in Spain

23/10/2014 – Expansion

Engel & Völkers, German real estate agency specialized in property sales, has increased its earnings proceeding from Spain by 21% from January throughout September.

The total trading volume showed €468 million, while during the same period of time in 2013, the firm gained €386 million.

 

Original article: Expansión

Translation: AURA REE

Sareb’s EBITDA Soars 23% in First Half of 2014

16/10/2014 – Expansion

In the first half of the ongoing year, Sareb’s Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) marked 23% more than a year earlier with €429 million in total, the bad bank of Spain informs itself.

In its Activity Report published yesterday, Sareb states it sold 8.100 properties during the first six months of the year, gaining from the sales nearly €1.7 billion, a double of the 2013 performance. However, the comparison shall be taken with cautiousness as in the first half of the last year Sareb was just beginning its work.

With the revenues, the bad bank could meet one of its main targets – amortization of the debt isssued for acquiring loans and real estate assets from the nine bailed-out entities and which amounted to €50.7 billion.

From January to June 2013, Sareb paid off almost €1.64 billion (€2 billion at the end of the year). For 2014, the firm set the aim at €3 billion in total.

Moreover, the bad bank paid €554 million in interests to the nine banks, meaning an average of €100 million per month.

The company chaired by Belen Romana obtained a gross margin of €601 million.

Large part of the overall revenue proceeded from financial asset management – basically collection and loans sales -, totalling at €524 million, a 34% more than in the same period of time in 2013, whereas property sales contributed with €77 million, not changing on the year-on-year basis.

Once got into its stride last year, in 2014 Sareb had to face an internal reorganization which accrued to the welcome of the new Chief Executive Officer, Jaime Echegoyen (pictured), and involved creation of three new departments: Transactions, Property and the Restructuring & Recovery one.

The last is going to manage the developer loans in hands of Sareb that represent 80% of its total balance. In the first half of 2014 only, the third department processed 5.751 applications submitted by the sector’s businessmen, of which 50% resulted in agreements on relaxing loan conditions for easier property sales.

When it comes to the Patrimony division of the bad bank, its team strives at adding value to Sareb’s REO property. For instance, it has launched a project of finishing 33 housing developments which will allow it to market 680 dwellings. Moreover, the department was responsible for promoting renting, including agreements like the one signed with Pierre & Vacances on awarding coastal hotels to the tour operator.

Finally, the Transactions office worked hard during the six months on strenghtening the retail sales channel. Pretty successfully, as in the end the bad bank managed to sell at a pace of 44 properties a day, compared to the 30 units traded daily in the entirety of 2013.

Speaking of the wholesale operations, Sareb sealed loan and rental property portfolio deals on the total of more than €100 million and it transferred one land portfolio, too.

The Activity Report also mentions the housing units the bad bank is going to award to Spanish regions as affordable homes for families in financial troubles. Sareb has already granted 600 repossessed apartments to Catalonia.

To learn more about Spain’s bad bank, visit our SAREB section.

 

Original article: Expansión (after EFE)

Translation: AURA REE

Amancio Ortega’s Pontegadea Inversiones Gains €1.31 Bn in 2013

23/09/2014 – Expansion

Pontegadea Inversiones, the main holding company of Spain‘s richest Amancio Ortega, gained a record amount of €1.31 billion in 2013. The proceeds mostly derive from his vehicle Gartler which contributed with nearly €1.2 billion to the entire group.

Gartler is one of the companies through which Mr. Ortega controls his stake in textile giant Inditex. In total, the businessman holds 59.294%, with 50.01% of it in Gartler, purchased in December 2012. The year 2013 is the first that includes the gains brought in for Inditex by the firm.

Throughout 2013, the asset management company earned €16.9 billion, while large part of this amount (€16.7 billion) corresponded to Inditex‘s sales which improved by 8%.

The real estate arm of Pontegadea contributed with €221 million, out of which €117 million came from Spain, €75  million from America and €29 million from the rest of Europe.

Pontegadea Inversiones holds 100% of the property manager of the same name. Its portfolio contains such assets as the Torre Picasso skyscaper and the Zara store at 23 Serrano street in Madrid. This subsidary earned €87 million for the group.

Real estate investments of Pontegadea totalled at €3.83 billion, juxtaposed with the €3.34 billion amount from 2012. On rentals, the company made €170 million.

 

Original article: Expansión (by Rocío Ruiz)

Translation: AURA REE