Warren Buffett Wants to Buy Torre Agbar for €150M

6 February 2019 – Expansión

The multi-millionaire investor Warren Buffet wants to buy the iconic Torre Agbar in Barcelona for around €150 million through his investment vehicle, Berkshire Hathaway, which the US magnate uses to deploy his asset purchase policy around the world. The information was revealed by Efe and confirmed by Berkshire Hathaway itself, which has announced several real estate investments in Spain in recent days, but without specifying any details.

The plan has been decided “directly” by Warren Buffett, one of the richest men in the world, in collaboration with Alessandro Proto, the senior executive at Proto Group, the company associated with Buffett in Barcelona.

The purchase proposal for one of the real estate icons of the Catalan capital, which currently belongs to the Socimi Merlin, and which was renamed Torre Glòries a few months ago, will be formalised before a notary within the next few days.

A few days ago, Berkshire Hathaway reported that it is going to invest €35 million in Spain to open 150 real estate agencies during the course of this year with Proto Group (…).

Berkshire Hathaway, which has more than 1,300 offices in 47 states around the USA and which employs 43,000 agents in the real estate sector, started its international expansion two years ago, primarily in Latin America and Europe, focusing on medium, medium-high and high-level residential properties (…).

Torre Glòries comprises offices and has an occupancy rate of 75%, with several technological tenants, including Facebook and Oracle. The tower spans 37,614 m2.

Original story: Expansión

Translation: Carmel Drake

Warren Buffett Reaches Out to Spanish Property Through His New Real Estate Firm

19/11/2014 – El Economista

U.S. magnate Warren Buffett wishes to take a piece of cake served by the Spanish property market. Some time ago, also other international big-name investors decided to invest in this country: George Soros and John Paulson.

Last week, Buffett set up a developer company in Spain called Berkshire Residential Assets 1, with an objective of buying all property types, principally dwellings put up for sale by the sector’s companies, banks and Sareb, the bad bank.

Known as the ‘Oracle of Omaha’, the investor plans to include rehabiliation and building construction services in its vehicle’s activities range.

The third richest man on the globe has bought Catalan firm Merquinsa and has come to an agreement with Caixabank on reinsurance of its policy portfolio valued at €600 million.

Now, he wants to take advantage of the situation on the market, where prices plummeted more than 40% since pre-recession peaks and started to stabilize or even rise in some areas.

Buffett has intrusted administration of its real estate company to Jose Maria Morencia, who used to manage the property of Botin family. Now he provides his services to another bank, Santander.

Through his holding Berkshire Hathaway, the U.S. tycoon could buy out Duracell from Procter & Gamble for around €5.1 billion. Berkshire Residential is a germ of a Socimi which could go public in the next two years.

 

Original article: El Economista (by F. Tadeo & A. Brualla)

Translation: AURA REE