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Hispania Plans To Sell Its Offices For €520M+ Before Year End

Posted by: In: Real Estate 29 May 2017 Comments: 0 Tags: , , , , , , , , , , ,
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29 May 2017 – Cinco Días

Hispania Activos Inmobiliarios has started the process to sell off its portfolio of offices, according to a statement made on Thursday by Cristina García-Peri (pictured above), the Socimi’s CEO, speaking at the real estate investment forum, which is being held in conjunction with the SIMA housing fair in Madrid.

“Although we have until 2020, we have accelerated the sale of our offices. Now is the right time”, said García-Peri, who plans to divest these assets before the end of the year. The idea is that the Socimi, which is managed by the Azora group and whose largest shareholder is a fund owned by George Soros, will sell the office portfolio as a whole, with the exception of a few individual transactions, such as Uría Menéndez’s new headquarters in Madrid.

Hispania’s CEO said that overseas investors are the main potential candidates, but she did not rule out Spanish Socimis. “There are lots of buyers. International investors are still interested in Spanish real estate”, she said in a statement. In terms of the sales price, the Socimi hopes to exceed the portfolio’s current valuation, which stands at €520 million, according to the company’s most recent presentation.

This Socimi is undergoing a complete transformation, given that it is now specialising in hotel ownership and by 2020, when it is planning its own liquidation, it hopes to have become a hotel-only vehicle, so that it may be sold to another company. “What we will be looking for primarily is a change in control of the company”, said García-Peri, to allow those shareholders who wish to exit the share capital to do so.

In addition, the company is immersed in a transaction involving its residential assets, which involves selling the properties individually in the retail market.

Original story: Cinco Días (by Alfonso Simón Ruiz)

Translation: Carmel Drake

The post Hispania Plans To Sell Its Offices For €520M+ Before Year End appeared first on Aura Real Estate Experts.

Source:: AURA Real Estate Experts

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