Tag: Saint Croix

Saint Croix’s Profit Falls to €1.9M in Q1, Down by 54%

The Socimi owned by the Colomer family attributes the reduction in profit to the fact that, during the first quarter of 2019, it recorded revenues of €1.4 million from asset sales (which were not repeated in Q1 2020) and because it recorded short-term losses of €619,000 in Q1 2020 due to Covid-19.

Saint Croix, the Socimi owned by the Colomer family, which also own Pryconsa, closed the first quarter of 2020 with a profit of €1.9 million euros, down by 54% compared to the same period a year earlier, when its profits amounted to €4.2 million, as published by the firm through the National Securities Market Commission (CNMV).

The company has justified the reduction in profit to the fact that, during the first three months of 2019, the company obtained a net profit of more than €1.45 million from the sale of real estate assets; whereas “during the first quarter of 2020, the company’s financial investments were affected by Covid-19, which resulted in a temporary loss of €619,176,” said the Socimi.

The Socimi owned by the Colomer Family Cancels its AGM due to Coronavirus

Saint Crox has called off its Ordinary General Shareholders’ Meeting, which was scheduled for 24 April 2020.

The Colomer family, which owns the property developer Pryconsa, has justified its decision following the second extension of the State of Emergency due to the coronavirus pandemic.

In this sense, the Board of Directors of Saint Croix considers that the cancellation of the aforementioned General Meeting is “prudent, and most appropriate” for the preservation of the interests of the company and its shareholders.

Saint Croix Buys Bensell Mirasierra for €17.6M

1 March 2018 – Expansión

The Socimi Saint Croix has acquired 100% of the shares in the company Bensell Mirasierra for €17.6 million.

The main asset of the acquired company is a tertiary-office use property located on Calle del Valle de la Fuenfría in Madrid, according to a report filed on Thursday by the company with Spain’s National Securities and Exchange Commission (CNMV).

The building has a total leasable area of 5,987 m2 above ground and 137 parking spaces. Its occupancy rate currently stands at 87%.

Original story: Expansión

Translation: Carmel Drake

Saint Croix Acquires Blanco Store On c/Goya For €15M

13 February 2017 – Eje Prime

Saint Croix, the Socimi owned by the Colomer family, has won the bid to acquire the Blanco store located on Calle Goya in Madrid. The company has spent €15 million on the premises, which several other investors, including Jesús Antúnez, also bid for. Antúnez came close to winning, but Saint Croix took the prize in the end.

The Socimi owned by the Colomer family (which also owns the real estate developer Pryconsa) has spent €15.25 million acquiring the property, which has a gross leasable area of 863 m2. In other words, it has paid a price equivalent to more than 17,600/m2. The company has also acquired two parking spaces as part of the operation.

Until now, the premises were owned by the real estate arm of the former owner of the Madrilenian chain Blanco (which specialises in fashion retail), namely, Inversiones Blasol. The company, whose administrator is Bernardo Blanco Moreno (son of the founder of the Blanco fashion chain) and which was constituted in 19991 with the corporate purpose of leasing real estate assets, filed for voluntary creditors’ bankruptcy in December 2014 in Commercial Court number 10 of Madrid. The company is now in the middle of negotiating its bankruptcy arrangement.

Inversiones Blasol has several other assets up for sale, including a store on Calle Pelai, 1 in Barcelona. That establishment has a commercial area of 200 m2. Jesús Antúnez also bid for those premises, and sources consulted by Eje Prime report that he offered €4 million.

According to the most recent results filed by the company, as at 30 September 2016, the Socimi had a portfolio comprising 209 assets, worth €339.26 million. They include retail premises, such as the Zara store on Conde de Peñalver (Madrid) and several supermarkets leased to Día; office buildings such as CLH’s headquarters on Calle Titán; and several four- and five-star hotels on Isla Canela (Huelva), managed by chains such as Iberostar, Meliá and Barceló.

Original story: Eje Prime

Translation: Carmel Drake

Socimi Saint Croix Obtains €11.4M Loan From Banca March

23 January 2017 – Expansión

The listed company owned by the Colomer family, which also control the real estate company Pryconsa, has mortgaged one of its assets by way of guarantee for this loan, which has a maximum term of 14 years.

This long term loan from Banca March will allow the Socimi to continue with its business plans, which include managing properties worth more than €300 million.

Saint Croix is the vehicle through which the owners of Pryconsa, one of the few traditional real estate companies in the sector that survived the crisis, are managing their personal wealth.

At the end of September 2016, the Colomer’s Socimi owned a portfolio containing 209 assets, worth €339.26 million. They included retail premises, such as a Zara store on Conde de Peñalver (Madrid) and several supermarkets leased to Día; offices buildings such as the headquarters of CLH on Calle Titán; as well as a large portfolio of hotels, including five 4-star and 5-star hotels on Isla Canela (Huelva), managed by hotel chains such as Iberostar, Meliá and Barceló.

During the first nine months of 2016, Saint Croix earned €10.46 million, 18% less than during the same period a year earlier, after generating turnover of €13 million, down by 5% compared to the same period in 2015.

Original story: Expansión (by Rocío Ruiz)

Translation: Carmel Drake

Gran Vía: The New Showcase For Flagship Fashion Stores

5 September 2016 – Expansión

Along the one-hundred year old Gran Vía, fashion houses and hotels are now competing with restaurants, cafes, theatres and cinemas to occupy space on the sought-after street in Madrid. The thoroughfare was known as the Madrilenian Broadway in its heyday, thanks to the profusion of cinemas and theatres that it housed and which, to a lesser extent, still remain today.

In the race to set up shop on the busiest thoroughfare in Madrid, the largest brands and more contemporary designer hotels now occupy buildings that were formerly inhabited by banks, insurance companies and large cinemas.

In this sense, the size of the buildings on Gran Vía, makes them more attractive assets for fashion chains to house their large flagship stores than, for example, the properties on Calle Preciados. According to a calculation by the consultancy firm CBRE, in 2014 and 2015, real estate investment on the street amounted to €1,100 million.

Undoubtedly, the most significant operation in recent years was Pontegadea’s purchase of the property at Gran Vía, 32 in January 2015. The investment arm of Amancio Ortega, the founder and majority shareholder of the retail giant Inditex, paid €400 million for the asset. And that is the building that Primark chose to locate its flagship store, which occupies five storeys over 12,400 sqm. The megastore has become a tourist attraction in itself and there were traffic jams and queues at its doors during the first few months after its opening.

Following this example, other brands have opened stores on Gran Vía in the last year. For example, the fashion accessory chain Parfois and the Spanish jewellery firm Tous, have taken up residence at numbers 42 and 38, respectively. In addition, the cosmetics firm Nyx and the sports brand Adidas both opened new stores at numbers 21 and 36 of the Madrilenian street in the spring of 2016.

Moreover, the stretch of Gran Vía that runs from Plaza de Callao to Plaza de España has been revitalised in recent months, with the arrival of the gift and accessories chain Ale-hop at number 74, the perfume store Druni, at number 61 and Axa’s purchase of the Rex cinema building.

The future renovation of that building, alongside the refurbishment of the controversial Edificio España, which has changed hands several times in the last two years, will also help to reactivate this final stretch of the street.

Other important transactions on Gran Vía have involved the premises at number 44, measuring 500 sqm. That property, which used to house a branch of Bankia, was acquired by Hines at the beginning of the year from the Baraka group – the current owner of Edificio España – for almost €40 million. Meanwhile, the Socimi Saint Croix acquired another property on Gran Vía – specifically the building located at number 55 – for €13 million in March this year.

The size of the buildings on Gran Vía makes them ideal properties for flagship stores.

Original story: Expansión (by R.Arroyo)

Translation: Carmel Drake

Socimi Saint Croix’s Portfolio Worth €312M, Up By 16%

21 October 2015 – El Mundo

The portfolio of real estate assets owned by the Socimi Saint Croix Holding Inmobilier was worth €312.1 million at the end of September 2015, according to a statement issued by the company. That figure represents an appreciation of 16.4% with respect to the end of 2014, based on independent appraisal values.

In this way, the portfolio has generated latent profits amounting to €51.23 million, after adjusting for the investments and divestments made by the Socimi so far this year.

Saint Croix Holding Inmobilier closed the first nine months of the year with a profit of €12.84 million, an amount that represents almost five-times the figure recorded a year earlier, thanks to its asset purchases and an improved financial result.

Revenues increased by 31% between January and September, to reach €13.70 million, representing rental income from its hotels, offices and commercial spaces.

Meanwhile, EBITDA amounted to €12.10 million, which represented an increase of 41% with respect to 2014.

Original story: El Mundo

Translation: Carmel Drake

Saint Croix Socimi To Debut On The MARF

1 October 2015 – Expansión

The Socimi Sainx Croix, owned by the Colomer family, registered its first fixed income program yesterday, for up to €80 million on the Alternative Fixed Income Market (‘Mercado Alternativo de Renta Fija’ or MARF), a financing option launched by the Government in 2013 to facilitate SMEs’ access to capital markets. In this way, Saint Croix became the first Socimi to turn to this market in search of financing.

According to a statement by the BME yesterday, Saint Croix plans to allocate the funds that it will raise through this bond issue to the acquisition of new assets and the maintenance of existing assets in its current portfolio.

Renta 4 coordinated the management and structuring of the plan and will act as the underwriter for the bond issues that are carried out. Axesor Ratings has assigned the issuer a BBB rating with a stable outlook, in other words, it is classified it as investment grade. Ramón y Cajal Abogados was engaged to provide legal advice for the design and registration of the program.

Saint Croix Holding, which relocated its headquarters to Luxembourg from Spain in 2014, owns 150,000 m2 of rentable space, with a total value of €284 million as at 30 June 2015. Its assets include several hotels, located in Huelva and Madrid, as well as the headquarters of CLH. The Socimi’s owners, the Colomer family, also own the real estate company Pryconsa.

The Socimi has included an explicit warning to investors in the bond issue brochure, about the political risks in Spain, making a clear reference to Cataluña (see page 32).

MARF

This  is a new debut for the MARF. In total, according to data from the BME, thirteen companies have decided to issue bonds through this market. Copasa, Pikolin, Tecnocom and Barceló are a few of the companies that have already successfully launched operations on this market.

Original story: Expansión (by D.B., M.S. and R.R.)

Translation: Carmel Drake