News

  • Spanish Economy Expands at Fastest Pace in Almost Two Years

    The Spanish economy accelerated at the fastest pace in almost two years, extending a recovery that shows no signs of abating.

    Output grew 0.9 percent in the three months through June after expanding 0.8 percent in the previous quarter, the National Statistics Office said Friday in a preliminary report. That’s the best reading since 2015 and matches the median estimate in a Bloomberg survey of economists. From a year ago, the economy accelerated 3.1 percent.

    While market consensus initially pointed to a slowdown this year, the Spanish economy continued to outperform its euro-area peers. Renewed momentum has prompted string of GDP revisions from the International Monetary Fund, which now sees growth of 3.1 percent for 2017 compared to a previous estimate of 2.6 percent, and the Spanish government of Mariano Rajoy, which forecasts growth of 3 percent instead.

    That prediction is still too conservative according to economists at Banco Bilbao Vizcaya Argentaria SA and Bankia SA, who believe this will be the best year for the Spanish economy in a decade with output expanding 3.3 percent. The prospects of a continued recovery coupled with further budget consolidation has prompted S&P Global Ratings and Fitch Ratings to upgrade their outlook on Spain’s credit rating to positive from stable, hinting at a possible hike in the second half of the year.

    While Friday’s report didn’t break down components of GDP, economists say growth probably benefited from accelerating household consumption fueled by strong job creation, resilient exports and a pick up in services linked to tourism. Visitor numbers are on track to post yet another record year despite concern that Brexit will reduce the number of U.K. tourists.

    “Household consumption has rebounded and that’s going to manifest in the quarterly data,” Miguel Cardoso, chief Spain economist at BBVA in Madrid said before the data were released. “Exports are still strong despite coming off from a high point and the tourism sector is very dynamic, that’s having a positive impact on services.”

    The latest health-check on the Spanish economy comes on the back of Thursday’s second-quarter unemployment report, which saw the nation’s jobless rate fall to the lowest level in eight years. Retail sales data in June pointing to renewed impetus from consumers after spending lost some ground at the start of the year.

    Source: Bloomberg Markets

  • Varia US Properties publishes strong results for Q1 2017

    Varia US Properties generated strong operating results for the first quarter 2017. The net cash flow Q1 yield stood at 11.2%, up from 8.4% in Q4 2016. The distribution yield at property level increased to 9.5% (Q1’17) from 8.7% (Q4’16). Effective gross income (EGI) reached USD 12.7 million, a USD 2.3 million increase from Q4 2016. This was the combination of the fast rental growth, the stability in vacancy and new acquisitions. Total operating expenses as percentage of EGI dropped from 50% in Q4 2016 to 44.6% in Q1 2017, which in turn increased the net operating income from USD 5.2 million in Q4 2016 to USD 7.0 million in Q1 2017. As a result, the total net cash flow stood at USD 3.4 million, an increase of 79% from Q4 2016. Gross potential rate improved by nearly 20% to USD 12.5 million.

  • Barcelona home prices grow 18.5% in Q1, beats Madrid

    Data from Idealista SA, Spain’s biggest property website, showed Barcelona home prices cruising ahead of the pack in Q1 2016, with nearly 19% growth.

    Home prices now stand at 4100 € per square meter in the catalonian capital, compared to 2900 € p. sqm in Madrid.

    Source: Bloomberg Markets

  • Stoneweg at Swiss real estate fair Immo ’17

    Stoneweg is glad to take part in the  Immo ’17 fair in Zurich on February 1-2.
    Immo ’17 is the main meeting point in Switzerland for real estate investment specialists, and is part of the larger Finanz ’17 fair, held together in the Zurich Kongresshaus.

    This is Stoneweg’s first participation in a real estate fair in Switzerland and it will be the opportunity to reflect on its already rich track record built over the last 18 months, and to share views  with other real estate asset managers and investors.
    Come visit the Stoneweg booth!

     

    Location: Kongresshaus Zurich. 1-2 February, 10h – 18h.

  • Varia US Properties listed on SIX Swiss Exchange

    Varia US Properties AG, a real estate company whose asset manager is Stoneweg, listed today its share on SIX Swiss Exchange following its initial public offering (“IPO”).

    Domiciled in Zug, Switzerland, Varia US Properties invests exclusively investing in U.S. multifamily housing with a main focus on secondary and tertiary markets.

    Overall, a total of 3,097,074 offered shares have been issued at the offer price of CHF 35. Assuming the over-allotment option of up to 464,562 shares will be exercised in full, the Company shall issue a total of 3,561,636 new registered shares, corresponding to an issuance and placement volume of CHF 124.7 million and implying a market capitalization for Varia US Properties of CHF 233.1 million.

  • Spain unemployment at near 7-year low

    Spanish unemployment rate fell to the lowest since the last quarter of 2009 thanks to a surge in service jobs, the National Statistics Institute said on October 27th. It now stands at 18.9 percent, down from 20 percent in the second quarter, and beating estimates by 4 basis points. Among the Spanish Regions, Catalonia added the most jobs. Half of the assets managed by Stoneweg are located there.
    Still the second-highest in the EU after Greece, Spain’s rate has been falling at a steady pace since its 2013 peak of 27 percent, on the back of a strong economic rebound.

    Source:
    http://www.bloomberg.com/news/articles/2016-10-27/spain-s-jobless-falls-to-more-than-six-year-low-boosting-rajoy
    http://www.tradingeconomics.com/spain/unemployment-rate

  • Varia US Properties to be listed at the Swiss Stock Exchange

    Varia US Properties, a real estate investment company whose asset manager is Stoneweg, has announced its Intention To Float (ITF) at the Swiss Stock Exchange (SIX) on October 25th.

    A Zug-based company, Varia US Properties is active since 2015 and invests exclusively in U.S. multifamily housing with a main focus on secondary and tertiary markets in order to secure rental income and value growth. Varia US Properties’ portfolio was valued at USD 301 million by Colliers International as of June 30 and consisted of 39 properties with approximately 5’000 residential units located in 14 U.S. States.

    Varia US Properties expects to list in the coming months, subject to market conditions. It plans to use the net proceeds mainly to fund additional real estate acquisitions in the targeted markets and regions in the U.S.

  • Stoneweg at major real estate fair “Barcelona Meeting Point”

    Stoneweg made a much-noted participation in the 20th edition of FIRA Barcelona Meeting Point, a major real estate convention, from 19th to 23rd October.

    Represented by its Spanish branch team, this was an opportunity for Stoneweg to gauge the market’s appetite for its project. With buyers lining in front of the stand and numerous sales closed on the spot, the event proved extremely encouraging.

    In the past quarter, Stoneweg started pre-commercialization of half a dozen residential projects in Spain through its local branch.

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  • Stoneweg: A real estate manager that bets on Spain (article in Expansión)

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  • Spain: Apartment sales grow 19.4% in June and reach a 3-year high (El Pais article)

    El Pais – CRISTINA DELGADO

    El mercado de la vivienda sigue su recuperación y en junio el número de casas y pisos que cambiaron de manos tocó su máximo en más de tres años. Se registraron en total 36.856 compraventas, un 19,4% más que en el mismo mes del 2015, según el Instituto Nacional de Estadística (INE). El crecimiento en junio es algo inferior a las de abril y mayo (cuando se elevó el 30% y el 23%, respectivamente) pero supone el broche al mejor semestre desde 2010. Eso sí: no en todas las provincias la recuperación es tan potente, ya que las operaciones se concentran alrededor de cinco grandes núcleos urbanos.

    Read the full article in .pdf here

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