The Socimi has sold the rest of the logistics assets included in the agreement signed in 2019 with the US firm. Prologis will disburse 164 million for the seven developments, which together span 159,000 square metres.
The Socimi Colonial has sold all the logistics assets that it still had in its portfolio to Prologis. The American giant has decided to exercise the purchase option that was agreed in August last year with the company led by Pere Viñolas to obtain three logistics assets spanning 100,000 square metres, for which it will pay 164 million euros.
The sale follows the deal signed in August 2019, when Prologis and Colonial reached an agreement regarding the acquisition of 14 logistics properties spanning almost 414,000 square metres, as reported by the Socimi.
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The Socimis Lar España and Árima, and the property developer Aedas Homes have boosted their share buyback programs following the outbreak of the health crisis.
It is just one of the measures implemented by the real estate companies as part of their anti-Covid plans. Several of the large listed companies in the sector have resorted to expanding their treasury stock to curb the collapse suffered by the stock markets worldwide, and, specifically, in Spain.
In the case of share purchases, the property developer Aedas Homes and the Socimis Lar España and Árima Real Estate have opted for this formula, with programs for the acquisition of their own securities that have totalled more than €5 million in the two months of the pandemic to date.
The Socimi earned €38.6 million in the first quarter, down by 36%, due to the sale of assets and its provisions for Covid that will have a lesser-than-expected impact on its commercial policy.
New measures, provisions and a lower impact on its commercial policy. That is how Merlin Properties is facing the crisis generated by Covid-19, which has seen the majority of its commercial tenants having to close their premises.
Despite this, Merlin generated revenues of €131.8 million euros during the 3 months to March, down by 0.6%, whilst gross rents after incentives stood at €123.3 million, equivalent to 2.6% less.
The Socimi owned by the Montoro family closed last year with revenues of €94.4 million and net profits of €199.5 million.
The Socimi GMP, controlled by the Montoro family and in which the Singapore sovereign fund owns a stake, closed last year with profits of €199.5 million, up by 6.8% compared to 2018.
The company, which specialises in the rental of buildings, especially offices, managed to increase its profits despite the fact that its revenues fell slightly from €106.7 million in 2018 to €94.97 million in 2019, as reported by the company to the MAB, the market on which it has been listed since 2016.
The company has sold all of the assets that made up its portfolio, whereby generating a profit of €845,000.
The Socimi Al Breck, owned by the American giant Lennar, sold all of the assets in its portfolio between January and April for a total of €4.7 million, according to a report filed by company with the Alternative Investment Market (MAB).
The company has explained that “within this period, taking advantage of market opportunities, the Company formalised the sale of homes and premises, together with storage rooms and parking spaces, for an approximate amount of €4.7 million, whereby generating a profit of approximately €845,000”.
The Socimi has signed a sustainable loan amounting to €200 million with a maturity date of 2022 with BBVA, BNP Paribas, CaixaBank and Natixis.
The listed Socimi Colonial has signed a new loan worth €200 million. It is a sustainable loan, with maturity in 2022, and it has been signed with BBVA, BNP Paribas, CaixaBank and Natixis. CaixaBank has acted as the agent bank and sustainability agent.
The loan comes after the agencies S&P and Moody’s decided to maintain Colonial’s credit rating. In this way, whilst most companies have suffered downgrades, Colonial has maintained its ratings of BBB + from S&P and Baa2 from Moody’s.
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 company has indicated in its accounts that it is taking the necessary steps to handle the situation caused by the coronavirus and to minimise its impact.
The Socimi closed 2019 with a turnover of €1.3 million compared to €1.9 million in 2018, down by 30%, according to the annual accounts it has sent to the Alternative Investment Market (MAB).
Although its revenues decreased, the company controlled by the investment fund Cerberus has also lost less: its losses fell by 61% from -€4.4 million in 2018 to -€1.7 million in 2019.
The Socimi has explained that its specific plan to minimise expenses at its shopping centres has reduced the amount by 35%.
The Socimi has explained that its specific plan to minimise expenses at its shopping centres, following the situation caused by the pandemic crisis, has reduced the amount by 35%.
In a statement sent to the National Securities Market Commission (CNMV), Lar España has explained that it has applied the principle of austerity to its ongoing activities and has adapted its expenses to the new situation.
Mayte Forján has more than 25 years of experience in the management and administration of shopping centres in companies such as Merlin Properties, Unibail Rodamco and CBRE.
The Socimi Silicius, which specialises in the management of rental properties, has recruited Mayte Forján as the property manager (Asset Manager) for the shopping centres that it has under its administration. Its portfolio includes the Bahía Plaza in Los Barrios (Cádiz), the Thader in Murcia and La Fira in Reus (Tarragona).
Mayte Forján has more than 25 years of experience in the management and administration of shopping centres. She has worked for several leading companies in the sector, including Merlin Properties, Unibail Rodamco, CBRE and Cushman & Wakefield, amongst others.