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Santander Branches of Oleguer Pujol Foreclosed by Creditors

Posted by: In: Real Estate 25 Nov 2014 Comments: 0 Tags: , , , , , , , , , , ,

25/11/2014 – Expansion

A group of creditors led by Santander, CaixaBank and BNP Paribas capitalizes €1.43 billion debt of Samos, renames the company and hires the president of Barclays, Carlos Martinez Campos.

The banks seize 1.150 Santander branches (one-fourth of all in Spain) sold to a group of investors in 2007 and prepare them to go public. According to financial sources, a banking consortium which financed the purchase renamed Samos Servicios y Gestiones the ‘Uro Property Holdings Socimi‘.

The operations put an end to relation of the company owning the offices with its former managers, Oleguer Pujol and his ex-partner from Drago Capital, Luis Iglesias, both being investigated by the Supreme Court for money laundering and fraud. Precisely, the origin of the equity with which Mr. Pujol had paid for the branches was quite shady.

The new Socimi (Spanish counterpart of a REIT vehicle) is expected to go public in January 2015. In order to clear the name of the new investment trust and dissociate with the youngest son of Pujol Ferrusola, the new owners of the firm asked for an official statement proving that Uro Property Holdings is free from any irregularity.

Original article: Expansión (by Jorge Zuloaga), Bolsamania

Translation: AURA REE

The post Santander Branches of Oleguer Pujol Foreclosed by Creditors appeared first on Aura Real Estate Experts.

Source: AURA Real Estate Experts


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