Companies

offices spain

BofA: Consensus underestimating Merlin

Spanish real estate still has growth to deliver. Regardless of global economic slowdown, Brexit or trade tensions, we think the country’s competitive labour market should support one of the highest economic growth rates in Europe. Spanish GDP should grow at 1.7% pa over the next three years vs 1.1% in the Euro area, according to BofA economists.



colonial REIT

Colonial: Primed for further NAV and share growth – reinstate at Buy

BofA | Offices across Europe are enjoying a resurgence, owing to: i) rising property prices as prosperity and hence urbanisation increase in cities, ii) 2.6x faster growth in office-related jobs vs total employment across Europe as the economy becomes more service-oriented (70% of GDP); iii) office vacancy in the central business districts of Madrid, Barcelona and Paris standing 40% below the long-term average, resulting in a tighter supply/demand balance and driving up rents.




glovo

Glovo becomes Spain’s second unicorn

Ana Fuentes | The home delivery start-up has become the second unicorn in Spain after obtaining 150 million in an investment round. This brings the four-year-old company’s total funding up to €460m. Only ride-hailing giant Cabify had reached that status before.





BBVA y mas

BBVA could be making spending cuts for 2020

Spanish lender BBVA would be considering spending cuts for 2020 which would affect not only the commercial network and central services, but also the strategic Client Solutions division, where workforce could be reduced by 3% and investment frozen.