RSS feedmetrovacesa
’More pain in Spain: Fadesa creditors see asset values slide
A rising default rate is one thing. A rising default rate with a falling recovery rate is quite another.
From S&P LCD this morning:
London, Dec. 9 (LCD) – The administrators of Martinsa-Fadesa have submitted a report that values the assets of the insolvent Spanish real-estate company at €7.34 billion,
Spanish banks take control of Metrovacesa
Spain’s Sanahuja family on Thursday ceded control of Metrovacesa to creditors, less than two years after completing a highly-leveraged buyout of one of Spain’s biggest property companies. The family will also receive a small cash sum.
Metrovacesa in deal with creditors
Spain’s Sanahuja family, which controls Madrid-listed Metrovacesa, on Tuesday reached an agreement with creditor banks to swap its debts with a 54% stake in the struggling property group. The bail-out for Metrovacesa’s controlling shareholder is the latest in the Spanish property sector since the market collapsed.
Debt for equity swap looms at Metrovacesa
And it all loooks very painful for the Sanahuja family, who control controlled 80% of the group.
They took on over €5bn of debt to acquire their stake in the company, which they rather unwisely used as collateral for other loans.
Property pawn: the demise of Metrovacesa
In pawnbroking, a borrower negotiates a loan, pledging some item they own as collateral — the pawn. They get the collateral back assuming they repay the loan within a negotiated period.
Normally, pawnbroking ends up costing the borrower.
Snap news
The latest on Friday
- RBS rights issue sees 0.24% takeup, UK Govt will own 57.9% of RBS – statement
- Metrovacesa agrees sale of HSBC HQ back to HSBC for £838m – Reuters
- Corporate results:
HSBC seeks to buy back London HQ
HSBC is in talks to buy back its London headquarters from Metrovacesa as the Spanish developer’s £800m loan on the property comes due Thursday, reports Bloomberg. HSBC sold the 45-story tower in London’s Canary Wharf financial district to Metrovacesa in April 2007 for £1.09bn.
HSBC Tower debt refinanced – again
HSBC is to go back to the debt markets for the second time in little more than six months to try to refinance the £810m of debt it provided for the sale of its Canary Wharf headquarters in London. The bank has been carrying the short-term loan on its books since it provided the debt to sell HSBC Tower to Spanish property group Metrovacesa in May last year for £1.1bn.
HSBC sells London HQ for £1bn
Spanish property company Metrovacesa is paying £1.09bn for the London headquarters of global bank HSBC in the biggest ever single-property deal in the UK. The skyscraper at 8 Canada Square in Canary Wharf is 210m high with 1.1m sq ft of space.
HSBC’s record sale & leaseback
Rather like in private equity, when a record falls in London property the new incumbent should only bank on a fleeting moment in the top spot.
Earlier this month, Citypoint, the 34-storey London tower,