Metrovacesa

Last updated
Metrovacesa S.A.
TypePublic (BMAD:  MVC)
Industry Property
Founded1989
Headquarters Madrid, Spain
Key people
Vitalino Nafría (Chairman of the board, chairman of the executive committee)
Products Hotels, retirement and rented accommodation, shopping centres, car parks, commercial property
Revenue€1.627 billion (2005)
Number of employees
1,187 (2005)
Website www.metrovacesa.com
The HSBC building in Canary Wharf, London, owned by Metrovacesa from 2007 to 2008. Hsbc 1.jpg
The HSBC building in Canary Wharf, London, owned by Metrovacesa from 2007 to 2008.

Metrovacesa S.A. is a major Spanish property company, headquartered in Madrid, which was the largest publicly traded real estate developer in the Eurozone. [1] [2] The company is primarily focused on the leasing of a range of property in France and Spain, which comprises around 80% of its portfolio.

Contents

History

The origins of Metrovacesa can be traced back to 1918 and the foundation in Madrid of the construction firm Urbanizadora Metropolitana, which was one of three companies (Compañía Urbanizadora Metropolitana, Compañía Inmobiliaria Metropolitana and Vacesa) which merged in 1989 to form Metropolitana Vasco Central (Metrovacesa). The interests of the three constituent companies were largely confined to residential and office property, but the newly merged entity expanded across Spain and moved into other assets such as shopping centres and car parks. A merger with the housing development firm BAMI followed in 2000, and the group acquired a majority stake in Gecina, the largest French real estate company, in 2005. [3]

In April 2007 Metrovacesa made headlines by paying £1.09 billion for the 210-metre-high (690 ft) HSBC skyscraper (8 Canada Square) in London's Canary Wharf complex, the biggest ever single-property deal in the UK. [4] In a move to combat the firm's rising debt, the building was however sold back to HSBC at a £250 million loss in December 2008. [5]

On 14 September 2007 Metrovacesa announced their purchase of the new Walbrook Square development from Legal & General for the sum of £240m (€350m). They planned to invest a further €1400m, and announced that all work was to be completed by 2015. Metrovacesa were to hold the rights for a 250-year lease. [6] [7] However, after they were unable to continue paying their instalments, on 31 July 2009 they agreed to pay Legal & General £100 million in order to exit the contract. [8] [9] In February 2009, following a €738m loss in the previous year, Metrovacesa's owners were forced to hand control to its creditor banks, swapping a 55% stake for a cancellation of €2.1bn of loans which it could neither repay nor refinance. [10] In 2010 it was the largest shareholder of Gecina (28%).

Las Arenas, a mall in Barcelona developed by Metrovacesa (2013). Arenas de Barcelona 2013.jpg
Las Arenas, a mall in Barcelona developed by Metrovacesa (2013).

In 2009, Metrovacesa invested $70 million on the development of the mall Las Arenas de Barcelona, which opened in March 2011. [11]

Metrovacesa's recorded net losses was €89.9M in 2010, and €144.7M in 2011. [12]

In December 2012, Metrovacesa was delisted from the Spanish stockmarket. [13]

In 2012, the Sanahuja family, owner of more than 80 percent of Metrovacesa, is now in talk with Banco Santander and Banco Español de Crédito regarding the company's €4bn debt, and 54% of Metrovacesa's shares could land in the banks' hands. [14]

In June 2016, Metrovacesa merged its activities with the Spanish group Merlin to create the leading real estate Spanish company. The tertiary real estate was concentrated within Merlin's portfolio (9,317 million euros), and the housing real estate were transferred to Metrovacesa which was renamed Testa Residencial (980 million euros). The banking consortium Santander/BBVA y Popular hold a 31.2% stake in Merlin, and 65,7% in Testa Residencial. [15] [16]

Activities

Metrovacesa's portfolio currently comprises a significant number of office blocks, business parks and housing for rent, located primarily in Madrid, Barcelona and Île-de-France, as well as around ten car parks, a similar number of hotels and two residences for the elderly located across Spain. [17]

The company has branched into Düsseldorf and Frankfurt in Germany, as well as London. It is owned by Banco Santander (72.5%) and by BBVA (19.4%). In November 2015 it was said to be soon divided into two.

Related Research Articles

<span class="mw-page-title-main">8 Canada Square</span> Skyscraper in London, England

8 Canada Square is a skyscraper in Canary Wharf, London. The building is the global headquarters of the HSBC Group. The building has 45 storeys and houses approximately 8,000 employees.

A real estate investment trust is a company that owns, and in most cases operates, income-producing real estate. REITs own many types of commercial real estate, including office and apartment buildings, warehouses, hospitals, shopping centers, hotels and commercial forests. Some REITs engage in financing real estate.

<span class="mw-page-title-main">Banco Popular Español</span> Spanish bank

Banco Popular Español, S.A. was the sixth largest banking group in Spain before it was bought by Banco Santander as part of a rescue package in June 2017.

<span class="mw-page-title-main">Blackstone Inc.</span> American alternative investment company

Blackstone Inc. is an American alternative investment management company based in New York City. Blackstone's private equity business has been one of the largest investors in leveraged buyouts in the last three decades, while its real estate business has actively acquired commercial real estate. Blackstone is also active in credit, infrastructure, hedge funds, insurance, secondaries, and growth equity. As of June 2023, the company's total assets under management were approximately US$1 trillion, making it the largest alternative investment firm globally.

The Tussauds Group was an entertainment company which is now a part of Merlin Entertainments. It was based in Poole, Dorset from where it managed a portfolio of brands and over 50 attractions that included the Madame Tussauds waxworks, Legoland Theme Parks, Legoland Discovery Centres, Sea Life Centres, PortAventura Park in Spain, Gardaland in Italy, Heide Park Resort in Germany, The Dungeons, The London Eye, The Blackpool Tower attractions, The Orlando Eye, Warwick Castle, Alton Towers, Thorpe Park, and Chessington World of Adventures.

<span class="mw-page-title-main">GGP Inc.</span> U.S. real estate company

GGP Inc. was an American commercial real estate company and the second-largest shopping mall operator in the United States. It was founded by brothers Martin, Matthew and Maurice Bucksbaum in Cedar Rapids, Iowa in 1954, and was headquartered in Chicago, Illinois from 2000. It was subject to the largest real estate bankruptcy in American history at the time of its filing in 2009.

<span class="mw-page-title-main">Bank of Shanghai</span> State-owned commercial bank in Shanghai, China

Bank of Shanghai Co., Ltd. (BOSC) is an urban commercial bank based in Shanghai in China. The bank was ranked 73rd among 1000 banks around the world by The Banker in terms of their Tier 1 capital in 2020.

<span class="mw-page-title-main">Banco Santander</span> Spanish multinational bank

Banco Santander, S.A., doing business as Santander Group, is a Spanish multinational financial services company based in Madrid and Santander in Spain. Additionally, Santander maintains a presence in all global financial centres as the 19th-largest banking institution in the world. Although known for its European banking operations, it has extended operations across North and South America, and more recently in continental Asia. It is considered a systemically important bank by the Financial Stability Board.

<span class="mw-page-title-main">Hammerson</span> British real estate company

Hammerson plc is a major British property development and investment company. The firm switched to real estate investment trust (REIT) status when they were introduced in the United Kingdom in January 2007. It is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index; it is also a constituent of the FTSE EPRA/NAREIT Developed Europe index, among others. The majority of Hammerson's portfolio is in the United Kingdom, but is also operates in continental Europe, including operations in France, Ireland, Spain, and Germany. It invests mainly in offices and retail premises.

HSBC Bank Argentina S.A. is the principal HSBC operating company in Argentina. The seventh-largest bank in the country, it provides a full range of banking and financial products and services, including commercial, consumer and corporate banking, to over 1.2 million customers. In October 2016, HSBC reached an agreement to sell its retail banking operations in Argentina to Banco Santander Río.

<span class="mw-page-title-main">Edificio España</span> Hotel in Madrid, España

The Hotel Riu Plaza España is a historic skyscraper, the 8th tallest building in Madrid, Spain. It opened in 1953 as the Edificio España, a mixed-use structure containing a hotel, offices, apartments and shops. It is an example of 20th-century Spanish architecture built in the neo-baroque style. The Spanish RIU Hotels chain acquired the building in 2017 and reopened it as a hotel in 2019.

<span class="mw-page-title-main">CaixaBank</span> Spanish financial services company

CaixaBank, S.A., formerly Criteria CaixaCorp, is a Spanish multinational financial services company. CaixaBank is based in Valencia, with operative offices in Madrid and Barcelona, Spain. It is Spain's third-largest lender by market value, after Banco Santander and BBVA. CaixaBank has 5,397 branches to serve its 15.8 million customers, and has the most extensive branch network in the Spanish market. It is listed in the Bolsa de Madrid and is part of the IBEX 35.

Partners Group Holding AG is a Swiss-based global private equity firm with US$141.7 billion in assets under management in private equity, private infrastructure, private real estate and private debt.

Jaime Gilinski Bacal is a Colombian banker and real estate developer. Gilinski resides in London. According to Forbes, he is the second richest person in Colombia, with a net worth of US$5.8 billion as of 2023.

Rossi Residencial is the sixth largest Brazilian residential construction company, after its big competitors such as PDG, Cyrela Brazil Realty, MRV and Brookfield Incorporações.

Derek M Quinlan is an Irish businessman prominent in the field of real estate investment and development. A former tax inspector at the Irish Revenue Commission, he formed investment syndicates with high-net-worth individuals to acquire investment properties across the world. His principal investment vehicle was Quinlan Private, a private equity firm with offices in Dublin, London and New York.

Elliott Investment Management is an American investment management firm. It is also one of the largest activist funds in the world.

Delancey Real Estate Asset Management Limited is a British property development company that has wholly owned subsidiaries such as DV4 based in offshore jurisdictions. The billionaire George Soros invested in the company in 1998. The company appears in the Panama papers. In 2011, the Qatari ruling family bought the Olympic Village used in the London 2012 Olympic Games. The area has been renamed the East Village.

<span class="mw-page-title-main">Fifth Wall (firm)</span>

Fifth Wall is a venture capital firm founded in 2016 by Brendan F. Wallace and Brad Greiwe. It manages the largest fund specialized in real estate technology The firm's name refers to a fifth wall of technology it provides in addition to the four physical walls of a building. It is part of an emerging category of "PropTech" investors. Major financial backers include large real estate industry companies that agree to be matched with the products and services of the firm's portfolio of start-up companies. The firm has separate funds for investments in emerging retail brands and climate technology to help real-estate companies reduce carbon emissions from their buildings.

<span class="mw-page-title-main">Warehouse REIT</span>

Warehouse REIT is a property company which invests in the provision of warehousing. The company is listed on the London Stock Exchange.

References

  1. ↑ Graff, James. "Can Spain Sustain?". Time . 2006-06-11. Retrieved June 13, 2007.
  2. ↑ "Unibail, Rodamco to create European property leader". Reuters. April 10, 2007. Retrieved 2007-06-23.
  3. ↑ Metrovacesa. "Company Background". Archived from the original on 2007-01-20. Retrieved 2007-06-27.
  4. ↑ Financial Times. "HSBC sells London HQ for £1bn" . Retrieved 2007-04-30.
  5. ↑ Keeley, Graham (6 December 2008). "HSBC buys back headquarters from Metrovacesa". The Times . London. Retrieved 2008-12-27.
  6. ↑ "Metrovacesa buys London office complex". Reuters. 2007-09-14. Retrieved 2007-09-14.
  7. ↑ Forbes. "UK - Metrovacesa to invest 1.4 bln eur to 2015 in central London office complex" . Retrieved 2007-09-17.[ dead link ]
  8. ↑ Dow Jones. "Metrovacesa Pays L&G GBP100M; Exits Walbrook Project" . Retrieved 2009-08-03.[ dead link ]
  9. ↑ "Metrovacesa confirms to pay to cancel Walbrook". Reuters. 2009-08-03. Retrieved 2009-08-03.
  10. ↑ Moya, Elena (2009-02-23). "Spain's biggest property firm sunk by £1bn office deal". The Guardian. London. Retrieved 2010-05-12.
  11. ↑ "Las Arenas, de los toros a las compras | Barcelona | elmundo.es". www.elmundo.es. Retrieved 2018-12-13.
  12. ↑ Spanish Metrovacesa shares dive on affiliate receivership, Property Investor Europe, 8 April 2012
  13. ↑ Spain's Metrovacesa shares soar after shareholders launch bid, Reuters, 20 December 2012
  14. ↑ Seeking a bank deal, Hurriyet Dailynews, 20 Decembre 2012
  15. ↑ Costantini, Luca (2016-06-21). "Merlin y Metrovacesa se fusionan y crean el mayor grupo inmobiliario español". El País (in Spanish). ISSN   1134-6582 . Retrieved 2018-12-13.
  16. ↑ "Metrovacesa y Merlin: historia de una fusión". abc (in Spanish). 2016-06-21. Retrieved 2018-12-13.
  17. ↑ Metrovacesa. "Property". Archived from the original on 2007-05-03. Retrieved 2007-06-27.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.