Sareb’s Puts Sanahuja Family’s Land up for Auction to Recover the €13M Debt it Owes

20 April 2018 – Eje Prime

A new setback for the Sanahuja family. The Company for the Management of Assets proceeding from the Restructuring of the Banking System (Sareb) has decided to foreclose six plots of land in Madrid owned by the Catalan family by means of a judicial auction with the aim of recovering the €13 million owed to it by the clan.

Five of the plots are located in Vicálvaro and the other one is in Getafe. For the latter, Sareb has set a starting price of €12.7 million, whilst for the plots in Vicálvaro, the bad bank is asking for between €2.5 million and €5.7 million, depending on the plot for sale, according to El Confidencial.

The Sanahuja family were the kings of the Spanish property sector during the era of the real estate bubble, above all, after climbing to the Presidency of Metrovacesa, the listed property developer of which they became the majority shareholders. Afterwards, Román Sanahuja (pictured above), the patriarch of the family, led the company to bankruptcy.

Now, the clan has accumulated a debt of €44 million with the Tax Authorities, according to the most recent list of large debtors published by the public ministry led by Cristóbal Montoro.

The assets auctioned are owned by the companies Parque Residencial Vicálvaro and Sanahuja Escofet Inmobiliaria, both of which are, in turn, owned by Román Sanahuja, his wife, Ana María Escofet Brado, and their two sons, Juan Manuel and Javier.

Similarly, the string of bad news has not stopped for the family in recent times. A few months ago, Javier Sanahuja was evicted from the home that he lived in in the exclusive Barcelona neighbourhood of Sarrià. In Madrid, the patriarch of the clan, Ramón, founder of Sacresa, the seed of the Sanahuja family’s real estate empire, lost the Saldaña Palace, located on Calle Ortega y Gasset. Oddly enough, that prime property was purchased by the Catalan businessman from Juan Antonio Roca, one of the brains behind the Malaya corruption case.

Original story: Eje Prime

Translation: Carmel Drake

CNMC Authorises Santander’s Purchase Of Bankia’s 19% Stake In Metrovacesa

13 February 2015 – Expansión

With this purchase, Santander will assume ownership of 55.8% of the share capital, whereby taking control of the real estate company.

Santander has received authorisation from the National Markets and Competition Commission (Comisión Nacional de los Mercados y la Competencia or CNMC) to purchase Bankia’s 19% stake in Metrovacesa and whereby assume control of the property company, by taking ownership of 55.8% of its share capital.

The ‘super regulator’ has authorised the first phase of the operation, which is not deemed to generate any competition concerns, according to the records of the body.

At the beginning of December, Santander agreed to buy the 19% stake that Bankia, the nationalised bank, holds in Metrovacesa for €100 million.

Thus, by virtue of the transaction, the bank chaired by Ana Patricia Botín takes control of the real estate company and Bankia fulfils a new milestone in its plan to divest its industrial holdings, and also records a profit of €13 million as a result.

After Santander, the other shareholders in Metrovacesa are BBVA, with an 18.3% stake, Banco Sabadell (13%) and Banco Popular (12.6%).

The Sanahuja family

The company has been controlled by the aforementioned financial institutions since February 2009, when they foreclosed the debt held by the Sanahuja family, the then controlling shareholder of the company.

For Metrovacesa, which was delisted from the stock exchange in May 2013, the takeover by Santander represents a new phase in its share ownership.

The real estate company, which was once controlled by BBVA, was acquired from that entity in 2004 through a takeover bid (oferta pública de adquisición or OPA) by Bami, the company owned by Joaquín Rivero. Subsequently, the company was the subject of a ‘takeover war’ between the businessman and the Sanahuja family, but eventually the banks took control.

Metrovacesa is dedicated to the rental of real estate assets. Its portfolio includes buildings covering more than 1.1 million square metres, comprising offices, shopping centres and hotels, which are mainly located in Madrid and Barcelona. Amongst others, it is the owner of the iconic Torre Madrid in Plaza de España in Madrid, which will soon house a hotel to be operated by the Barceló chain.

Original story: Expansión

Translation: Carmel Drake