Colonial

Spanish economy 14th January 2025

Government could limit REITs regime: Merlin and Colonial to be little affected by focusing on malls and offices

Intermoney | The President of the Government, Pedro Sánchez, announced on Monday his intention to restrict the REITs regime except in the case that the companies promote housing at affordable rents. This measure is one of 12 that the president announced with the intention of tackling the current housing crisis. Specifically, Sánchez declared: “We are going to change the regime of tax advantages that the so-called REITs have. Why? So…

In Europe 9th January 2025

Real estate transactions in Paris recover but with concerns about leverage: Equalweight on Colonial

Morgan Stanley: Real estate transactions recorded in Paris office space were down 9% and in Centre West Paris 8%, implying that the pace of decline is moderating. However, volumes remain low even though they have recovered from lows. On the other hand, vacancies continue to rise and available supply increased in all regions in the quarter. Rental growth was up 6% year-on-year, sustained over previous levels. While remaining positive on…

In Spain 28th November 2024

Puig family takes advantage of Santo Domingo family’s departure from Colonial’s share capital to strengthen position in shareholding – up to 7.7%

Link Securities | The Puig family has taken advantage of the departure of the Santo Domingo family from the capital of COLONIAL (COL) to strengthen its position in the shareholding of the Catalan REIT. Exea Inversiones Inmobiliarias, the holding company that brings together the family’s investments, bought 5.7 million COL shares last Friday during the accelerated placement, a package valued at around €29.8 million, according to Expansión newspaper. This transaction…

In Spain 20th November 2024

Cancellation of REITs regime rejected

Intermoney | The annulment of the tax regime for the REITs, previously agreed by the PSOE and Sumar, was not approved on Monday at the marathon meeting of the Finance Committee of the Congress of Deputies, which ended after midnight. This initiative was part of other tax reforms that were to accompany the transposition in Spain of the EU directive on the minimum percentages of profits that multinationals should pay…

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Colonial to consider investment strategy and location of activities if tax regime for REITs withdrawn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

European economy 8th November 2024

Colonial looking at merger with French subsidiary Société Foncière Lyonnaise

Link Securities | The Boards of Directors of Colonial (COL) and its 98.24% owned subsidiary, Société Foncière Lyonnaise (SFL), have agreed to initiate a detailed analysis for their potential merger, whereby COL would absorb SFL. The potential merger would be in line with the group’s strategy of simplifying its structure, one of the key points of which was the takeover bid launched by COL for all SFL shares in August…

Spanish economy 14th June 2024

Colonial gives CriteriaCaixa largest stake in its shareholding through €622 million capital increase

Link Securities | The REIT approved yesterday at the General Shareholders’ Meeting the entry of CriteriaCaixa in its capital through a capital increase of €622 million, Expansión reports. Pere Viñolas, CEO of Colonial, told shareholders that the company’s indebtedness will be consolidated at the levels achieved with this capital injection (leverage of 36.3% vs. 39.9% previously), while he expects earnings per share and the dividend to grow. With this capital…

Spanish economy 4th June 2024

Several American funds and proxy advisors to vote against two CriteriaCaixa directors entering Colonial after raising their stake from 3% to 17%

Link Securities | Many international investors take a dim view of the formation of hard core shareholder groups in Spanish companies as they believe that shareholders with a minority stake can exercise almost total control thanks to their weight on the boards of directors, as reported today by Expansión. Thus, several large US funds, with the support of their corporate governance advisors (proxy advisors), are going to vote against Colonial’s…

Companies, Ibex, Spanish economy 27th November 2022

Leverage remains key for property sector; Colonial (EW, T.P. from 7,5 to 6,2 euros/share);Merlin (OW, T.P. from 11 to 10 euros/share)

MS | Bart Gysens (analyst) has this Thursday published a report reviewing his preferences within the European property market, positioning himself for a transition from an environment of rising rates to one of recession. Leverage is still the determining factor which the team uses to see where the value is and is not. But as we enter 2023, where the macros see a potential recession, thus driving a greater importance…

Companies, Ibex, Spanish economy 14th November 2022

The Socimis are already trading at big discounts of 55%-65% to NAV due to rate hikes: BUY Colonial

Bankinter |The Spanish Socimis are facing a more than foreseeable downward adjustment to the value of their assets (GAV), in light of the hike in interest rates in the last few months and the potential recession. This decrease in the valuation of their portfolios will have an impact on accounting profit and on leverage, which could already be reflected in certain areas at end-year. Our analyst team’s view: Negative news,…

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