Spain's Astroc in merger talks with Aisa-sources

MADRID, July 25 (Reuters) - Astroc (ASTR.MC: Quote, Profile, Research), the property firm that caused Spanish stock market panic this year, is in talks to merge with rival Agrupacion Actividades y Inversiones Inmobiliarias (Aisa) (AISA.MC: Quote, Profile, Research) to create the country's fifth largest property company, people familiar with the deal said on Wednesday.

Valencia-based Astroc plans to merge with Aisa in a stock transaction and combine it with its Landscape and Rayet Promociones units to form a new company known as Landscape, an insider at Aisa and another person close to the talks told Reuters.

A growing number of young investors see Spain as a viable destination

Additionally, the country was voted the most popular overseas destination for all participants in the survey, reports Homes Worldwide.

In total, 68 per cent of those who want to live in the country were under the age of 55. By comparison, 14 per cent were over 65.

Of the five per cent of people who have already invested in overseas property, 50 per cent were under 35, the body added.

Head of European operations at Halifax Ian Smith said that the myth of older people buying property abroad can now be truly debunked.

Santander's profits surge

Spain's largest banks have shrugged off a slowdown in the domestic housing market, with Santander, Spain's largest bank, on Thursday reporting a 39 per cent profit rise as the latest evidence. The group's €4.46bn ($6.1bn) of net profits means Spain's top five financial groups – Santander, BBVA and Banco Popular, and two savings banks, La Caixa and Caja Madrid – have between them made a net profit of almost €11bn in the first half of the year, up 25 per cent from a year ago.

Spain's Jove buys $4.4 bln BBVA stake

MADRID (Reuters) - Spanish property magnate Manuel Jove is buying up to 5 percent of BBVA (BBVA.MC: Quote, Profile, Research), prompting Spain's second-biggest bank to reiterate its opposition to shareholders building up large stakes. Jove, who made his fortune in property, said on Tuesday his purchase worth about 3.2 billion euros ($4.4 billion) in BBVA -- long spoken of as a potential takeover target -- was a "permanent, financial investment".

Spain is a "long-term" investment choice

Despite rumours about Spain's property market, it is still a top choice for investors in property, according to an international expert.Simon Ryeland, director of Principal International, said that his company had "no fears" about the market collapsing, as had been predicted in the press.

A Real Luxury Property On Mallorca

For a few years now Puerto de Soller on Mallorca has been overlooked by a half-finished hotel. Now owned by an investment company, the Wingfield Corporation, work is due to begin on the complex once more. Wingfield aims for the hotel to be the finest not just on Mallorca – itself brimming with luxury establishments – but in Spain as a whole.
Of course, when you say 'luxury hotel' to most people, the first place they'll probably think of is the Burj al Arab in Dubai, that high-rise, sail-shaped structure rising out of the sea. That's the sort of standard that will be available at this hotel too, as it's due to be managed by the Jumeirah group, which also oversees the running at the Burj.

Portugal Property Investment: As Good A Spain

The country itself will be in the news a lot for many reasons in the coming months, principally because it is taking over the presidency of the EU for the next six months. Of course, most of what happens in that field will be to do with issues with little or no relation to the domestic property market. What does matter is that, ever since it joined the European Union, or EEC as it was back in 1986, Portugal has enjoyed stability, democracy and a growing connection with the rest of Europe. Exactly the same could be said of Spain, which has enjoyed the advantage of a higher profile through its larger size and more glamorous cities.

Too many Brits putting off Spain property investors

"Spain's popularity with Britons is both its main advantage and its biggest downfall. Many are attracted to the country because they know others who have settled there or are familiar with the destination, others see it as a good long-term investment or simply enjoy the climate and culture," commented Gerry Bell, of GE Money Home Lending.

New law 'to help Spain property market'

Confidence in the Spanish market could be increased due to a new law, according to reports. It is hoped that the new law will help to manage the land more easily and help out in terms of sprawl and sustainability, reports Homes Worldwide.

Fear that Spain's house price bubble is about to burst.

The Financial Times says that according to rating agency Standard & Poor's, Spanish corporate debt is at an historic high point, totalling 106 per cent of gross domestic product last year compared with a Eurozone average of 70 per cent. The surge follows a credit-driven acquisition spree at home and abroad. But banks that extended credit freely into the boom are now encountering problems in syndicating some of the riskier loans.

The Spanish property market: Where to now?

The Spanish property market has reached a crossroads after its decade-long boom. The signals coming from the market are mixed, and the question as to what will happen next has been a popular topic in the Spanish and international press during June.
First of all, some myths to dismiss. The market has not crashed, and articles in the British press in April and May announcing the end of the Spanish property market were premature, to say the least. Far from hitting a wall, the Spanish economy notched up 4% growth in the first quarter, and the Madrid stock market hit new highs in June.

GE Buys Logistic Developments in Spain

The firm is adding to its 200,000-square-meter industrial portfolio in the country with the acquisition of two new developments, a 110,000 square-meter project in Vilarrodona, 80km from Barcelona for €80 million (U.S.$106 million), and a 44,000 square-meter facility in Valencia for €44 million (U.S.$59 million). In both deals GE will pay for the projects when completed--in the summer of 2008 for Vilarrodona and in the fall of 2008 for Valencia--and assume the whole leasing risk. GE is buying Vilarrodona, which will be comprised of six warehouses alongside the AP2 motorway, from Llonch Associates, a Catalan company, and Valencia, one warehouse in the Masia Balo de Ribarroja industrial park, from Mafort, a Valencian property company.

Property in and around Valencia

Valencia may not currently be regarded as the most glamorous city on the Iberian peninsula, but this is all set to change. Playing host to one of the most bafflingly won sporting trophies of all - The America's Cup – put Valencia firmly at the centre of the yachting community this year, and when the first Formula 1 Grand Prix takes place there in 2008 the remainder of the well-heeled are guaranteed to prick up their ears. And it is likely that they will like what they see when they arrive: an open, relaxed, airy and vibrant city, Valencia provides the perfect anecdote from the crush of Barcelona or the baking heat of Madrid. Situated right on the coast, this ancient city has been vital to the economic development of Spain not least because it boasts one of the largest and busiest ports in Europe.

A Real Luxury Property On Mallorca

For a few years now Puerto de Soller on Mallorca has been overlooked by a half-finished hotel. Now owned by an investment company, the Wingfield Corporation, work is due to begin on the complex once more. Wingfield aims for the hotel to be the finest not just on Mallorca – itself brimming with luxury establishments – but in Spain as a whole.

Spanish villas 'favoured holiday home location'

A small villa by the beach in Spain is the most popular type of holiday home sought by prospective overseas property buyers, according to a new survey. Thinkproperty.com's new Overseas Desirability Report found that more than 40 per cent of UK homeowners are thinking about buying property abroad at some point in the future.

Controversial Spanish 'land grab' laws violate fundamental human rights

The European Parliament voted for a resolution against the "illegal" practice, widespread in several of the country's autonomous regions but in particular the notorious LRAU and its replacement LUV in Valencia. The "shameful" legislation allows people's legally owned property to be snatched by developers, with victims being forced to pay towards unwanted infrastructure of new urbanisations.