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Spanish economy 2nd December 2021

Mortgage Signings In Spain Soar In September And Hit Decade Highs With 42,547 Loans For Home Purchases

Alphavalue | The average price of used housing in Spain rose by +0.8% month-on-month in November to 1,831 euros/m2, according to Idealista’s latest real estate price index. In the major capitals, the price increased by +0.3% in Barcelona and fell by the same amount in Madrid (-0.3%) compared to the previous month. If we look at the year-on-year figure, the national average price has increased by +3.5%: housing in the…

naturgy

Spanish economy 1st December 2021

Naturgy could close sale of Chilean gas distribution assets for 5 Bn euros (22x Ev/Ebitda)

Renta 4 | Naturgy (NTGY) has hired Santander and BofA to close the sale of its assets in Chile, press reports said. According to El Confidencial, the sale involves the company’s gas distribution assets in Chile and is for a total of 5 billion euros. Colombian group Promigas is the main candidate for the acquisition.  Valuation: In the event the deal is confirmed, the price would be equivalent to 22x EV/Ebitda….

ACS Vinci

Spanish economy 30th November 2021

ACS Sells Its Power Grids In Brazil To Its Partner Brookfield

ACS has reached an agreement with the Canadian fund to transfer its last two transmission lines in operation in Brazil, the so-called Giovanni Sanguinetti and Vereda, according to El Economista. These assets were left out of the sale of the industrial services business to France’s Vinci, a process that will be completed in December. ACS has agreed to transfer to Brookfield, its partner in electricity networks in Brazil, the 50%…

inditex marta y amancio

Spanish economy 30th November 2021

Marta Ortega Replaces Pablo Isla As Chairman Of Inditex

The Board of Directors of Inditex, at the initiative of its Chairman Pablo Isla and founder Amancio Ortega, and following the proposal of the Nomination Committee, has approved the appointment of Marta Ortega Pérez as Chairman of the Group. She will be a proprietary director, an appointment that will be effective as from 1 April 2022. On the other hand, Óscar García Maceiras, until now Secretary General and Secretary of…

Sabadell

Spanish economy 29th November 2021

Banco Sabadell mulls putting Barcelona corporate HQ on the market for over 100 M€

Alphavalue | Banco Sabadell (SAB) is mulling putting its Barcelona corporate headquarters (Torre Sabadell) on the market for over 100 million euros. The building is located in the intersection of Avenida Diagonal and Calle Balmes. Meanwhile, on Thursday December 2nd, the bank will inform employees who have asked to leave the entity whether their request to be part of the ERE has been accepted or not. That said, their leaving…

Lladro

Spanish economy 29th November 2021

Porcelanas Lladró Is The First SME To Be Rescued In Spain

Compañía Española de Financiación del Desarollo (Cofides) has made public the names of the first two companies to benefit from the resources of the Fund for the Recapitalisation of Companies Affected by COVID-19 (Fonrec), endowed with 1 billion euros. These are Lladró and Martínez Otero. In the case of Lladró, it will be granted a participative loan of 8 million euros, following the analysis carried out by Kroll, as financial…

pensioners

Spanish economy 29th November 2021

Inflation At 5.6% Forces Pensions Up By 2.5%

Inflation rose by 5.6% in November compared to last year, two tenths of a percentage point higher than in October, and its highest level since September 1992. The preliminary data, published on Monday by the National Statistics Institute (INE), mark new annual highs for inflation in Spain, which has risen without interruption since March. The agency blames the rise on increases in food prices and, to a lesser extent, in…

housing overvalued

Spanish economy 28th November 2021

Spain | Economic, Social And Demographic Determinants Of Housing Demand

BBVA Research | Since 1996, the number of homes in Spain has increased, as well as their size. This Observatory studies the contribution of different socio-demographic factors such as average household size, population growth and the number of dwellings per household to the demand and size per dwelling. Key points Before 2008, the decrease in the size of the households and the increase in the population explained most of the…

almirall

Spanish economy 27th November 2021

Wellington hikes stake in Almirall from to 5.1% vs 3%

Bankinter | US asset manager Wellington has raised its stake to 5.1% from 3% in Almirall. It is now the second largest shareholder in the Spanish pharmaceutical firm, after the Gallardo family (59.7%). Bankinter analysts’ view: The stock price has suffered a decline since the presentation of Q3 results, so this is an opportunity to take positions at a very attractive level. Our recommendation is to follow this strategy. In…