Hispania & Barceló’s Hotel Socimi Will Make Its Stock Market Debut On Monday

21 July 2017 – Expansión

Hispania and Barceló’s hotel Socimi is on the home straight for its stock market debut. Bay Hotels & Leisure – in which Hispania holds a 76% stake and Barceló a 24% stake – will debut on the stock market on Monday after receiving a favourable report from the Alternative Investment Market (MAB)’s Coordination and Incorporation Committee. Taking into consideration the high valuation range of the report prepared by the consultancy firm CBRE, the Socimi’s Board of Directors has set a reference value of €5.29 for each one of its shares, which represents a total company valuation of €494 million. CBRE has considered that the best methodology for valuing the company is the adjusted value of the own funds after tax. This valuation also discounts the ordinary dividend of €3.5 million paid on 10 March 2017.

Holiday hotels

At the end of 2016, the company held 21 assets with a net accounting value of €790 million. Specifically, 19 hotels worth €756 million, as well as two shopping centres and the concession for a marina worth €34 million. So far this year, the company has purchased the Hotel Selomar in Benidorm (245 rooms) for €15.6 million, the Hotel Fergus Tobago in Palmanova (275 rooms) for €20.2 million and the Armadores de Puerto Rico company, which owns the land adjacent to Hotel Barceló Oasis Lanzarote, for €6.2 million.

In this way, the company currently owns 21 hotels and a total of 7,423 rooms located in established tourist areas that receive high volumes of foreign tourists. Specifically, 62% of the rooms are located in the Canary Islands, 30% in the Balearic Islands and the remaining 8% in Andalucía.

The hotels owned by Bay are leased to Grupo Barceló under a series of contracts with an initial duration of 10 years and a maximum of three extensions, with the exception of Hotel Meliá Jardines del Teide, which is leased to Meliá until 2024 (…).

Barceló constituted Bay Hotels & Leisure in July 2014 and in April 2015 signed an investment contract with Hispania whereby the Socimi in which George Soros owns a stake, undertook to acquire a majority stake. By virtue of that contract, Hispania acquired 80.5% of the share capital in October 2015 for around €119 million although, following a capital increase recorded at the end of that year, its stake was diluted to 76%.

The company closed 2016 with a turnover of €65.7 million, compared with €13.2 million last year. Moreover, during the first three months of the year, it recorded revenues of €19.1 million, up by 22% compared to the same period a year earlier.

The company’s financial result as at March 2017 decreased by 7.5% as a result of the acquisition of Hotel Meliá Jardines del Teide and, specifically, the financial expenses resulting from a mortgage loan amounting to €22 million (…).

Original story: Expansión (by Rebeca Arroyo)

Translation: Carmel Drake

Socimi Vbare Will Debut On The MAB On 23 Dec

21 December 2016 – Finanzas.com

The Socimi Vbare Iberian Properties is set to join the Socimi segment of the Alternative Investment Market (MAB) and will start trading on Friday, 23 December.

The decision was taken by the MAB’s Board of Directors, which approved the incorporation of the company into the Socimi segment on Tuesday, after analysing the information submitted by the company and following the issuance of a favourable evaluation report from the Coordination and Incorporation Committee.

On the basis of a valuation report prepared by Grant Thornton, Vbare’s Board of Directors has set a reference value of €12.90 for each one of its shares, whereby valuing the company at €20.6 million.

The trading code of the company, the twenty-eighth Socimi to join the MAB, will be ‘YVBA’ and it will debut through a price fixing system. Renta 4 Corporate is the registered advisor and Renta 4 Banco is the liquidity provider.

The Socimi specialises in residential rental properties and its strategy focuses on the acquisition of real estate assets, their renovation and subsequent rental. It currently owns 183 real estate assets located in Madrid.

Original story: Finanzas.com

Translation: Carmel Drake

Asturias Retail & Leisure Socimi Will Debut On The MAB On Friday

29 June 2016 – Telecinco

The company Asturias Retail and Leisure Socimi will debut on the Alternative Investment Market (MAB) on Friday 1 July, after it received the green light from the MAB’s Coordination and Incorporations Committee, which has confirmed that it fulfils all of the necessary requirements for listing.

Using the valuation report prepared by the independent expert Ernst & Young Servicios Corporatives, the company’s Board of Directors has set a reference value of €19.15 for each one of its share, which values the company at €95.8 million.

The debut of the company, which will become the eighteenth Socimi to join the MAB, still requires prior approval from the MAB’s Board of Directors.

The company’s trading code will be YAST and its shares will be traded through the price fixing system. Renta 4 Corporate is the company’s registered advisor, whilst Renta 4 Sociedad de Valores is acting as its liquidity provider.

Asturias Retail and Leisure Socimi owns three properties in Oviedo, through two subsidiaries: the shopping centre known as Intu Asturias and seven retail premises, a hypermarket leased to Eroski and a service station.

Original story: Telecinco

Translation: Carmel Drake