Tag: UBS

UBS reached 5,4% of NH after having invested 66 million Euros

23/01/2014 – Expansión

The identity of the investors that have substituted for Bankia in the capital of NH hotels is getting revealed.UBS took advantage of the divestment of the last of the old Saving Banks still in the chain to obtain 13,49 million of shares that increased its shares to 5,44%. The Swiss bank, which already had 3,3 millions in shares, has paid 4,94 Euros per share that elevated the investment to more than 66 million Euros. The percentage that UBS has acquired represents one third of Bankia’s participation that obtained 64 million for its 12,6%.

Funds and private equity firms

According to sources of this sector, the rest of the shares could be acquired by consultant agencies and funds, the new profile of investor that renovated the shareholding of the group chaired by Rodrigo Echenique.

2013 was a year with significant novelties in NH´s capital. On the one hand, because of the entry of the Chinese conglomerate HNA, that paid 234,5 million for a 20% and later bought from Amancio Ortega (owner of Inditex) 4% of the company. On the other hand, because of the competition in divesting of the old Saving bankings (BMN, NCG, Kutxabank, Bankia) taking advantage of the company’s upward rally that facilitated the entry of international investors such as BlackRock,THS and Fidelity.

 From the historic shareholders of NH, only Hesperia (20%) and Intensa Sanpaolo (4,5%) remain in the capital.

Centerbridge acquires the mortgages of UBS.

Foreign banks do not want to miss the growing interest of funds in Spain. The Swiss institution UBS has closed recently the sale of a great mortgage portfolio to the US firm Centerbridge, one of the most active ones in our market. The portfolio includes all mortgages UBS had in Spain. The Swiss bank works in private and investment banking in Spain, But had acquired this portfolio just before the crisis started, between 2006 and 2007.

The volume of this mortgage package was between 400 and 500 million Euros before the crisis. Since then, its value has been reduced mainly by the real estate bubble. These mortgages were originally granted by Banesto. The US fund acquired at the end of last year the platform Aktua, a subsidiary of Santander, nowadays integrated in the mother company.

This acquisition is a new step for Centerbridge to grow in the Spanish real estate market. The fund, managed in Spain by Enrique Dancausa, a former executive of Banesto is taking part in all the disinvestments carried out by the Spanish institutions. (…)