Spain’s real estate sector: from recovery to expansion

Government wants to remove tax advantages Spanish REITs have across Europe… and they are sinking on stock market

Merlin and Colonial led the losses on the Ibex yesterday, losing €590 million in the stock market, due to the Executive’s plans to eliminate the tax exemption for REITs. The PSOE proposal would involve raising the Corporate Tax from 1% to 25%. According to analysts at Jefferies: PSOE and Sumar have reached an agreement to reduce or remove tax benefits for REITs. If approved, this proposal could reduce FFOs for…

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Crédito y CauciónCrédito y Caución
iberdrola renovables

Iberdrola among utilities driven by 7-10% CAGR in distribution in Northern Europe and 15-20% in transmission in Germany and UK

Morgan Stanley: Our analyst Rob Pulleyn thinks it is too early to move away from the utilities theme, as he believes the market is not fully discounting the outlook: the market does not yet seem to have digested the shift in regulated utilities from “low growth dividend” companies to “quality growth” companies. In more detail, Pulleyn estimates an average CAGR of 6% in EPS by 2024-27 (versus 3% consensus) in…

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Banner CIR, junio 2022

china yuanesCM

China announces $840 billion allocation to local governments to tackle hidden debt problems

Link Securities | Last Friday, as reported by CNBC, Chinese authorities announced that the central government will allocate an additional CN¥6 trillion ($840 billion) to local governments to address hidden debt problems. The programme will take effect this year and run until the end of 2026, China’s finance minister Lan Fo’an told reporters. The aid will be spread over about CN¥2 trillion a year. Lan added that starting this year,…

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interviews

ElenaJimenezdeAndrade

“It is a shame that we are able to mobilize economic resources for large-scale projects abroad, but not in our Spanish market”

In an interview with Consejeros magazine, Sacyr’s coordinating advisor, Elena Jiménez de Andrade, explains that now “We have great capacity to win projects, a capacity that until now contrasted with a series of financial limitations and balance sheet size. However, in this strategic cycle, we are going to eliminate those barriers. That is why we have set an ambitious goal for 2033: to triple the value of our assets. We…

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Isabel Dutilh

“European funds are not reaching companies. There is total inefficiency”

Isabel Dutilh, director of Elecnor, Banco Alcalá and Millenium Real State explains in an interview with Mari Pinardo in the magazine Consejeros that “Europe has to have control of the funds and this requires a certain amount of bureaucracy, but in the end it is so much bureaucracy that it generates frustration and people give up applying for them”. Q – There are continuous and constant legislative changes, what do…

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…in the last week