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InmoColonial

Spanish economy 15th November 2024

Colonial to consider investment strategy and location of activities if tax regime for REITs withdrawn

Link Securities | The company has officially responded to the Government’s proposal to withdraw the tax regime for REITs, the newspaper elEconomista.es reported yesterday. According to Juan José Brugera, Chairman of the company, “the changes that some are proposing are very serious. The REITs regime is nothing more than the adaptation to the Spanish case of the rules established in international markets. These types of modifications turn the Spanish market…

grifols edificio

Spanish economy 15th November 2024

Brookfield obtains funds to refinance Grifols’ near €10,000 million debt

Bankinter | The Brookfield fund has agreed a syndicated loan for €11,000M with Santander and Deutsche Bank to finance Grifols’ €9,850 million of gross financial debt (and €9,200 million of net debt) Analysis team’s opinion: Positive news that improves the prospects for Brookfield to present the takeover bid for Grifols that it has been studying since July. The funds from the syndicated loan will be used to refinance the current…

Spain ratings

In Spain 14th November 2024

Liquid times, solid economy?

José Ramón Díez (Caixabank Research) | At the speed of events in today’s geopolitical world, it is difficult to take a step back from the heated reality and reflect on the medium-term economic outlook and trends. In the first week of November alone (when these lines are being written) we have witnessed a resouding victory for Donald Trump and the Republican Party in the US Senate and House of Representatives,…

Aena nuevita

In Spain 14th November 2024

Traffic at Aena’s airports up to €266.1 million, 9% year-to-date, or 11% more than pre-pandemic

Intermoney | Aena (Buy, PO €205) yesterday announced its monthly traffic data for October. Passenger numbers in Spain rose 6% year-on-year last month to 28.2 million. Both Barajas and El Prat grew by more than 5%, a figure that was not out of line with the rest of the relevant airports, outperforming for example Valencia (up 4%) and Ibiza (down 1%). The national total in October was 14% higher than…

Acciona energia guapa

Spanish economy 14th November 2024

Acciona Energía sells 175 MW of hydroelectric power in Spain to ORIX subsidiary Elawan Energy for €293 million

Link Securities | The company announced yesterday the closing of the sale of 175 MW of hydroelectric power in Spain to Elawan Energy, a subsidiary of ORIX Corporation, after complying with the foreign investment condition to which the transaction was subject. Acciona Energy received €293 million for the sale, generating a capital gain of €180 million euros. The 175 MW object of the transaction corresponds to 100% of the Acciona…

bbva sabadell

Spanish economy 13th November 2024

Competition Commission further complicates BBVA’s Sabadell takeover bid, extends it until summer 2025

The National Commission on Markets and Competition (CNMC) has moved BBVA’s takeover bid for Sabadell to Phase 2. The agency will continue analyzing the operation while extending the analysis period by another three months to allow new stakeholders to voice their opinions. The government will now have the authority to demand additional conditions based on the general interest or even veto the merger. This decision comes despite BBVA offering a…

Spain’s real estate sector: from recovery to expansion

In Spain 13th November 2024

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…

BankinterIn1

Spanish economy 12th November 2024

JPMorgan Chase overtakes Fidelity in Bankinter’s shareholding with emergence of stake of more than 3%

Link Securities | JPMorgan Chase has emerged with a stake of more than 3% in Bankinter, as reflected in the records of the National Securities Market Commission (CNMV). Specifically, the US bank holds a 3.019% stake in the bank, of which 1.947% is a direct holding and another 1.072% through financial instruments.financial instruments. The bank thus surpasses Fidelity, which holds 2.83%, and is slightly below Lazard, with 3.032% of the…

The Bank of Spain

In Spain 12th November 2024

Former Bank of Spain governor Hernández de Cos appointed new managing director of Bank for International Settlements

Pablo Hernández de Cos, the former governor of the Bank of Spain, has been elected as the managing director of the Bank for International Settlements (BIS). He will succeed the Mexican Agustín Carstens and will take office on July 1, 2025, with a five-year mandate.The BIS, the international institution responsible for coordinating and establishing global regulatory standards for banking and finance, is the author of the regulatory frameworks known as…

bbva sabadell fusion 2

Spanish economy 12th November 2024

BBVA’s takeover bid limits Banco Sabadell’s potential until outcome known

Bankinter: BBVA’s (BBVA) takeover bid limits Banco Sabadell’s (SAB) potential until the outcome is known, in 1Q2025? Bankinter’s analysis team’s opinion: Sabadell surprises positively in results, with excess capital and an interesting shareholder remuneration plan (€2.9bn in 2024/2025 via dividends and share buybacks). We revise our Target Price to €2.25/share (vs. €2.20/share b.y.), but we maintain our recommendation to Neutral because BBVA’s takeover bid limits Sabadell’s potential until we know…