Sotogrande Property Sales

Lehman Brothers files for bankruptcy as credit crisis bites
By James Quinn, Wall Street Correspondent
Last Updated: 9:01am BST 15/09/2008



Lehman Brothers, one of the world’s biggest investment banks, has announced it is filing for bankruptcy, in one of the worst banking collapses in history.

As the world economy prepared for a round of devastating blows caused by the credit crisis, Bank of America also agreed to buy Merrill Lynch, another giant of investment banking, for $50 billion in a deal creating the world’s largest financial services company and saving Merrill from Lehman’s fate.

Asian markets tumbled on the news, while European and American markets were expected to follow soon after opening.

A tropical paradise on Europe’s doorstep, Cape Verde is currently one of the most exciting emerging markets for property investment for UK investors and is being hailed as the next Caribbean or Canary Islands.
Cape Verde shares the same latitude as Barbados and the Caribbean and is blessed with a tropical climate (temperatures are around 26 degrees all year round), glorious white sand beaches, blissful warm waters teeming with ocean life and extraordinary wildlife that is unique to the area.
Government investment in recent years has created a fertile climate for the growth of tourism and visitor numbers have been increasing year on year by around 20%, while ongoing improvements to infrastructure has supported the islands’ development.
Thanks to the low property prices, low cost (and high standard) of living and huge investment in tourism, international property investment in the islands has been steadily growing over the last few years. Cape Verde is becoming increasingly popular as a destination for second homes or holiday homes with excellent potential for both capital growth and rental returns.

The Cape Verde Islands are located in the North Atlantic Ocean around 450 km (300 miles) off the west coast of Africa. Direct flights are now available from the UK´s major airports. There are ten main islands, divided into two groups; six windward Barlavento islands and four leeward Sotavento islands. All but one of the islands is inhabited.

... for so long the "promised Islands of Cape Verde" promised so much but never delivered... some developers were taking deposits on off lan developments without so much as a firm planning approval in place.. The Tomka Group have now ben able to "buck the trend" and are in the process of delivering a 5 star development on th Island of Sal.. check it out on www.rosa-del-mar.com.. clients deposits are safe guarded in lawyers escrow accounts pending all final building permits are in place.. watch this blog for confirmation that licences are in place..

On Friday September 12, Propinvest announced the completion of the €1.9-billion acquisition of the Global Headquarters complex of Banco Santander in Boadilla del Monte in Madrid, Spain. This transaction represents the largest single European real estate acquisition ever completed. Bank debt to assist the acquisition has been provided by a consortium of banks led by Royal Bank of Scotland, HSH Nordbank and Bayern LB.

The award winning HQ complex comprises 175,000 m² of offices and ancillary accommodation on a site of 165 hectares. Over 9,000 employees work at the location.

The property is secured on a 40-year triple net lease (without break) payable by Banco Santander SA, an AA rated Bank. The rental cash flow from the lease increases annually on a compound and upward only basis by 175% of the prevailing Eurozone CPI (inflation) rate. The initial annual rental income is €83 million. The rent and inflation linked uplifts provide an anticipated nominal value of €9 billion over the term of the lease.

Banco Santander SA is the world’s third largest bank by profit and the fourth largest by market capitalization. Operating principally in Spain, the United Kingdom, Europe and Latin America, it has 129,000 employees, 65 million customers, over 10,000 branches and 2.3 million shareholders.