Tag: shareholding

BlackRock Increases Stake In Merlin & Invests In Lar

25 September 2015 – Cinco Días

The fund BlackRock has strengthened its commitment to the Spanish Socimis, by increasing its stake in Merlin Properties to exceed the 5% threshold and by acquiring a stake in Lar España, snapping up 3.41% of the company’s shares.

In this way, the fund now has a combined total investment worth approximately €200 million in these two companies, based on the respective, current prices of the two companies on the stock market.

Specifically, BlackRock has increased its stake in Merlin from 3.20% to 5.516%, according to the register of Spain’s National Securities Market Commission (CNMV).

The fund increased its shareholding in Merlin, currently valued at €188 million, after the Socimi took control of Testa, the former subsidiary of Sacyr. Merlin, which is led by Ismael Clemente, plans to merge with Testa and whereby create the largest real estate company in the country, with total assets worth more than €5,000 million.

UBS also holds a stake of around 4% in this listed company.

Meanwhile, the shareholding acquired in Lar España is worth around €18 million. In this case, BlackRock joins several other investment funds and companies that already hold shares in the Socimi, such as Franklin Templeton Institutional, Pimco, Ameriprise Financial and Bestinver.

This summer, Lar España closed a €135 million capital increase and it will use the funds to continue its growth plans through the purchase of new assets.

Corpfin’s debut on MAB

Meanwhile, Corpfin Capital Prime Retail, the Socimi that manages retail premises on the some of the country’s most important high streets, will debut on the Alternative Investment Market (‘Mercado Alternativo Bursátil’ or MAB) today at a price of €1.60 per share, which values the company at €23.28 million.

Autonomy’s IPO

Corpfin will be the tenth Socimi to go public on the MAB after yesterday’s debut of Autonomy Spain Real Estate, whose shares closed trading up 1.52% at €16.75 per share. The company owns six office buildings.

Original story: Cinco Días

Translation: Carmel Drake

Joseph Lewis Increases His Stake In Colonial To 5.08%

16 September 2015 – El Mundo

The English businessman Joseph Lewis has increased his shareholding in Colonial from 3% to 5.08% and so his stake is now worth €91.3 million on the basis of the company’s current market price.

Lewis increased his stake in the real estate company to more than 5% on 10 September 2015, i.e. on the day after Grupo Villar Mir put 10% of the share capital it owned in the real estate company up for sale, according to the records of Spain’s National Securities and Exchange Commission (CNMV).

Specifically, the British investor acquired 66.13 million shares in Colonial, representing 2% of its share capital, worth around €37 million. Following this investment, Lewis owns 162.16 million shares in the real estate company in total, which represents a 5.08% stake.

The business tycoon hereby strengthened his position as a shareholder of the real estate company, in which he first acquired a stake in January 2015. Grupo Villar Mir continues to be Colonial’s largest shareholder, with 14.5% of the share capital.

Amongst Colonial’s other important shareholders are the Qatar sovereign fund, with a 13.3% stake; the Andorran bank MoraBanc with 7%; the Colombian group Santo Domingo (6.8%) and several other investment funds, whose stakes range between 1.9% and 5%.

The real estate company closed trading on Monday with more losses, making it the third consecutive day of decreases since 9 September, when at the close of business, Villar Mir announced its divestment, for €0.56 per share.

During the first trading session of the week, the company’s value decreased by 1.75%, taking its share price to €0.563, in line with that selling price.

Original story: El Mundo

Translation: Carmel Drake

Santander Uses Uro Property’s First Dividend To Pay Off Debts

6 July 2015 – El Confidencial

Just four months after Uro Property’s IPO on the stock market, the landlord of 1,136 Santander branches, has approved its first dividends and the entity chaired by Ana Botín has used the funds to pay off some of the Socimi’s debts. And that is because Santander is not only the Socimi’s tenant, it is also the main shareholder of the company, previously known as Samos, which it inherited after the company’s bankruptcy due to its inability to pay off debts amounting to more than €2,000 million.

The foreclosure by the banks was orchestrated, primarily, through the company Zitoli, which currently holds 85% of the share capital, whilst Santander owns the remaining 15% as a result of its financing of the mezzanine debt. The two partners have agreed to use the shareholder remuneration that Uro Property has just authorised, amounting to €154.3 million, to repay its debts and continue the clean up of the Socimi.

This decision has been orchestrated through the issue of demand notes, securities that will be capitalised, taking advantage of a capital increase to pay off loans, which will take place this summer, just after 30 July, when the dividend payment will be made. From that moment on, Ziloti and Santander will devote 57% of the remuneration due to them, almost €88 million, to continue with the plan to clean up the Socimi.

The Cantabrian entity has the leading role in this process, since through its indirect shareholding via Ziloti, as well as the direct stake it holds from the inherited mezzanine loan, it holds 24% of the share capital. The next largest shareholder is CaixaBank, with a 15% stake, BNP Paribas with a 8.81% stake and Société Générale, with a 3.14% stake. Moreover, several hedge funds and entities such as Barclays and Bayerische Landesbankhold hold stakes of less than 1%; whilst the former shareholders, Sun Capital, now known as Atisha Holding, and Pearl Group, now Phoenix Life, hold 21.7% and 14.38% stakes, respectively.

These vehicles created the current Uro Property together with Drago Capital, the fund led by Oriol Pujol, which is currently being investigated by the Tax Authorities and from whom the Socimi has made every effort to distance itself. That former link is the main threat that hangs over the entity and could severely jeopardise the efforts being made by it, under the guidelines set out by its creditors to clean up its balance sheet.

In fact, the Socimi is one of 64 individuals and legal entities that have been denounced by the Tax Ministry for “the alleged commission of a crime involving money laundering and fraud”.

Whilst the Courts continue with their investigations, the banks are also progressing quickly with their roadmap designed to financially restructure the Socimi and find an exit for those creditors that do not want to continue to hold shares in the company. One of the main steps taken to that end, besides the listing of Uro Property on the stock exchange, was the sale of 381 branches to Axa for €308 million, which was approved in April, and the issue of bonds amounting to €1,300 million.

Original story: El Confidencial (by Ruth Ugalde)

Translation: Carmel Drake