UST Global Leases 3,150 m2 in Madrid’s New Techie Zone

6 April 2018 – Eje Prime

UST Global is plugging into the new techie zone in Madrid. The technology company has leased 3,150 m2 of office space in the Avalón Business Park, a closed office complex located in the Julián Camarillo area. In its new home, the US company will share the district with other technology companies such as IBM, Atos, Tecnocom and The Cube Madrid, amongst others.

The company is going to move a team of 400 employees to Avalón, half of the company’s total workforce in Spain, who are going to be spread over three floors. The technology company’s neighbours will include Konecta and Kone, amongst other companies.

UST Global, which is headquartered in California, has a presence in 25 countries and its clients include large listed companies from the banking, insurance, retail and healthcare sectors.

Original story: Eje Prime

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