Castle Asia Share Discussion Threads

[grupo] 23/2/2005 08:52

Spanish Property Buyers Find Friends When They 'Peek at Spain'
A British company based in Spain, Peek at Spain has been helping Britons and others make the move for years. With local and broad knowledge, Peek at Spain makes finding the perfect Spanish property easy for anyone.

(PRWEB) February 23, 2005 -- Those buying Spanish property find safe friends in Peek at Spain. Located in Spain, Peek at Spain is a British company that sells Spanish property. Clients say that although Peek at Spain may initially seem to have more expensive property to buy, their prices include all costs and tax. The clients also voice that they appreciate how Peek at Spain looks after them so well.

Doing everything from helping movers open a bank account, arrange mortgages, and even introduce buyers to others who have made the same move, Peek at Spain strives to make buying Spanish property as uncomplicated as possible for concerned movers.

"All of these Spanish properties are also close to a village or town where there are shops, bars, restaurants and most other urban amenities, and also local festivities throughout the year. And because many of our Spanish properties are in unspoilt and traditional areas, the local people there are very friendly," says John R. Knight, President of Peek at Spain and resident of Monserrat, near Valencia.

Selling around 50,000 both new and resale Spanish properties all over Spain, Peek at Spain specializes in the areas of Alicante and the province of their headquarters, Valencia. Because it is impossible for Peek at Spain to display every Spanish property in their database, they recommend that buyers register with them so that they can advise directly of the property or properties that will meet personal requirements.

Although having their own property portfolio, Peek at Spain also takes pride in choosing the most honest and professional Spanish property agents, to widen the choice available. They believe that a buyer will pay the same amount for Spanish property with Peek at Spain as one would directly through many local agents, and in many cases Peek at Spain buyers pay less. Peek at Spain wants to save Spanish property buyers the trouble of sorting through hundreds of Spanish property agents, and because Peek at Spain knows the market well, buyers can avoid common scams that may not be known to foreigners.

About Peek at Spain SL
A Spanish property company based in Spain and managed by Britons, Peek at Spain SL (Spanish registered Limited Company) and its staff made the permanent move to Spain some time ago. Purchasing a lovely Spanish property overlooking Valencia and now enjoying life there, their goal is to help others to do the same. Peek at Spain SL collaborates with Spanish real estate agents who have had years of experience in providing a professional service to Spanish people while providing the same service to foreign buyers. Peek at Spain SL is a rarity in Spanish property companies in that all prices found through them are completely inclusive.

To receive a free newsletter about current Spanish property listings from Peek at Spain and to see listings for Spanish property in and around Valencia, visit the Peek at Spain website at Spanish property listings. Peek at Spain can also be reached within the UK at 0871-990-3-550, in Spain at [phone], or by fax at [phone].

[grupo] 23/2/2005 08:23

PARIS (AFX) - Total SA, Electricite de France and Total Energie, a joint
venture in which Total and EDF both own a 35 pct stake, have won a 21.2 mln eur
order from Morocco's Temasol for a rural solar electricity programme.
The plan calls for the installation of solar panel and battery systems for
37,000 households, with completion expected by the end of 2007.
[e-mail]
js/jfr

[grupo] 22/2/2005 11:51

Spanish villa to be torn down
Daily Mail
22 February 2005
A BRITISH couple have been left penniless and homeless in Spain after being conned into paying £300,000 for a retirement home that will have to be demolished.

Bruce Gauntlett and Wendy Jackson-Smith ploughed their savings into a luxury villa on the Costa Blanca, expecting to spend the rest of their lives there.


They spent £33,000 on a plot of land and a further £250,000 building the striking property.


But their dreams of a comfortable retirement in the sun lie in ruins after Spanish bureaucrats served them with a demolition order because their home is built on land earmarked for agriculture.


Mr Gauntlett, 61, said the estate agent who sold him the land - around 20 miles south of Alicante - did not tell him he could not build on it.


He has started legal action against the estate agent and landowner but a lengthy court battle will not reach a conclusion in time to save his home.


Experts said it was likely that Mr Gauntlett had been duped into buying the land and warned Britons buying in Spain to watch out for the scam.


Mr Gauntlett told last night how he faces a bleak future with only his pension to live on and is considering moving back to the UK. 'This has been like stepping into a nightmare,' he said. 'I have sunk everything I have into this.'


He said he had always dreamed of retiring to Spain and when he was offered voluntary redundancy from his job as an engineering manager he seized his opportunity.


He sold his house in Tyneside and moved to Spain with his partner Mrs Jackson-Smith and began searching for land.


When he saw an advert for what seemed to be a perfect plot in a local paper he seized his chance and went ahead with the purchase, before hiringa developer to build his home.


The villa, which has four bedrooms, a large lounge diner, a courtyard and sun terrace, was finished last May.




HOME AWAY FROM HOME: Their £300,000 villa is set to be bulldozedBut weeks after the final brick was laid, the couple received the devastating news that it was not legal.

'In June the police arrived with officials from the town hall,' said Mr Gauntlett.


'They said we should not have built here because it is agricultural land and not building land for development.


'At first they said we would be fined but it would not be a problem.


'They reckoned we would pay about £10,000 and everything would be sorted.


But then there was a change in government and that fine came in at £19,000 and they served us with a demolition order on the house.'


It is believed the house will be torn down within months.


Property expert Sarah Monaghan, editor of Everything Spain magazine, said: 'British people tend to leave all sense at home when they buy abroad.


'Luckily, scams like this are few and far between but people must always check the status of land before they buy it in Spain.


'It is best to hire a reputable lawyer to deal with the transactions as you would in the UK.'

[ariane] 19/2/2005 08:47

IMF lauds Spain's economic rigor but frets over soaring property prices
Trujillo reassures home buyers over tax breaks for mortgages

El Pais Spain | A. SIM
Madrid

The International Monetary Fund Thursday issued a favorable report on the performance of the Spanish economy, raising its growth forecast for next year. But the multinational lending body again pointed to a number of clouds on the horizon, most notably the risks caused by an overheated property market and stubbornly high inflation.

The IMF raised its forecast for growth in Spain's gross domestic product for this year to 2.7 percent from 2.6 percent previously, with domestic demand continuing to be the main motor of growth. "A gradual but sustained recovery is expected, with GDP growth projected at 2.7 percent in 2005 - again based on the strength of domestic demand - with a continued negative contribution of net exports," the report said.

Although the Fund praised the economy's "remarkably strong performance," it also highlighted a number of domestic risks thrown up by a "persisting real estate boom, rising household indebtedness, and an appreciable inflation differential with the euro zone."

House prices in Spain have risen by about 150 percent since 1997, and there are few clear signs of a slowdown. According to figures from the appraisers' association Tinsa, new home prices rose 17 percent last year, and second-hand houses by 19 percent.

The Spanish Mortgage Association (AHE) Thursday also released the latest available figures on mortgage credit levels. The value of outstanding mortgages taken out by households at the end of last year stood at €581.39 billion, a rise of 24.3 percent over a year earlier.The AHE noted that the annual growth rate in December was down slightly from rates of over 25 percent in the three previous months. Lending agencies granted an additional €113.522 billion in mortgages last year.

While the IMF report noted a further strengthening in the Spanish banking system, it added that "the continued expansion of real estate-related lending has raised vulnerabilities." Nevertheless, it welcomed the "continued vigilance" of the Bank of Spain, which has estimated that property prices are overvalued by about 30 percent, and repeatedly warned households to rein in spending and debt levels.

Mortgage borrowings are the main reason for the sharp rise in household indebtedness in Spain, which has doubled in the past 10 years, causing the national savings rate to fall below 10 percent.

A sharp fall in house prices or brusque hikes in mortgage rates could affect banks' balance sheets and depress consumer spending.

The IMF acknowledged that part of this boom is due to fundamental factors such as low interest rates. But it warned that "the longer the process continues, the greater the potential for an overshooting and an adverse fallout."

It urged the government to phase out "generous tax breaks" for home buyers, modify current legislation that "discourages rental activity," and to reform "regulations that constrain the supply of usable land."

Speaking Thursday in Brussels on the sidelines of a European Union finance ministers meeting, Economy Ministry Pedro Solbes said that the shock action plan for housing introduced by the Socialist government last year - one of the pillars of which is to boost the rental market - was already working, and saw no need for additional measures.

"A shock plan has been adopted, which is starting to work," Solbes told reporters. "Taking additional measures because what was introduced three months ago has still not lowered the price of housing seems to me a little juvenile, and doesn't make much sense," he added.

Separately, Housing Minister María Antonia Trujillo said yesterday that tax reforms the government is planning to introduce would not substantially change the current fiscal rules for home buyers.

[maywillow] 16/2/2005 08:08

LONDON (AFX) - Restaurant chain La Tasca proved a tasty morsel in first-time
dealings on AIM. Shares in the company, a chain of Spanish restaurants, with 45
outlets in the UK and two in the US, were marked up to 126-1/2 from a placing
price of 110.
La Tasca raised 19 mln stg via a placing of around 18.19 mln shares. The new
funds will be used to cut debt.

fjb/vjt/

[maywillow] 15/2/2005 12:56

MADRID (AFX) - Share prices extended gains in moderate early afternoon
trade, reversing early profit-taking losses after a positive reading for German
economic sentiment from the ZEW institute, with REE outperforming after a solid
set of full-year results, dealers said.
At 1.00 pm, the IBEX-35 index was up 35.6 points at 9,620.2, after trading
in a range of 9,574-9,635, on turnover of 1.06 bln eur, with put-throughs
accounting for about 18 pct.
The IBEX-NM gained 4.8 points to 2,507.7.
Equities opened flat, shifting in and out of positive territory in early
deals before moving higher to midday after the February reading for economic
expectations from Germany's ZEW institute beat expectations.
"The positive reading for the ZEW dispelled this morning's light profit
taking and the market's resumed its upward trend," said a dealer at a leading
Spanish bank adding "I can see us going up to 10,000 points on the IBEX-35."
REE gained 0.27 eur to 18.98, boosted by a solid set of full year results at
the top end of estimates and ahead of tomorrow's strategy presentation.
Other electricity companies underperformed, with Endesa down 0.07 at 17.83,
extending yesterday's declines after a disappointing set of full-year results,
while Iberdrola added 0.03 to 19.91, and Fenosa also edged 0.03 higher to 21.99.
Repsol was firm, up 0.04 at 20.00, reversing earlier losses, as was blue
chip peer Telefonica, up 0.09 at 14.55, off a low of 14.4.
Main banks remained in the black, with SCH up 0.03 eur at 9.78 and BBVA up
0.07 at 13.40, while defensive Popular outperformed up 0.75 at 52.25.
Among TMTs, Jazztel was up 0.04 or 3.74 pct at 1.11, extending yesterday's
gain of over 10 pct, and today's most traded stock on volume of over 89 mln
shares, ahead of a business presentation later today.
Other TMTs were mixed, with Indra off 0.01 at 13.64 after going ex-dividend
for 0.326 eur per share, while TPI added 0.04 to 7.22, supported by positive
sentiment for the directories business after UK peer Yell's solid nine months
results.
Other Telefonica units were weaker, with Terra down 0.03 at 3.27 and Moviles
off 0.02 at 10.12 in profit taking after yesterday's gains fuelled by the
parent's announcement of a planned buy-out of the minorities in Terra.
Small caps continued to attract interest on M&A hopes, with Ercros up 0.04
eur or 4.88 pct at 0.86 and Urbas 0.09 or 8.57 pct higher at 1.14.
Europac gained 0.15 or 3.60 pct to 4.32, on positive sentiment after
Friday's stake-building in Gescartao, which according to the Spanish company was
made at a discount to the Portuguese company's book value
[e-mail]
jg/tc

[ariane] 13/2/2005 09:10

The Sunday Times



February 13, 2005

Tax warning on overseas holiday homes
Kathryn Cooper
The Inland Revenue is targeting people who buy property abroad through a company



MANY people who own properties overseas could be hit by unexpected tax bills running into thousands of pounds.
The Inland Revenue is threatening to crack down on Britons who set up companies to buy homes in countries such as France, Spain and Portugal. The strategy is often used to sidestep local taxes and inheritance laws, but could land homeowners with a painful UK tax bill.



Property companies are meanwhile encouraging people to buy abroad with claims that overseas property will be "tax-free" from April next year, when you will be able to hold it within your pension fund. But while you will then avoid UK tax, you could still be subject to tax in the foreign country.

Peter Esders of John Howell & Co, a law firm, said: "More and more people are buying abroad, especially as returns from buy-to-let in the UK are becoming lacklustre. But not enough people consider the tax implications, which can be extremely complex."

Hundreds of thousands of people are thought to have set up companies to buy property on the Continent. Simon Rees of Price Waterhouse Coopers, the accountant, said: "There are an estimated 500,000 Brits with homes in France and another 400,000 in Spain. It is likely many own property through a company simply to comply with local inheritance laws."

However, the Revenue has them in its sights. Following a recent tax case in the House of Lords, it can treat such buyers as employees of the company and can therefore tax the property as a "benefit in kind" - as if it were an employee perk.

And the tax bill could spiral. The benefit is based on the property's notional rental value, which could be 8% of the market value. So someone with a property worth €150,000 (£103,000) would pay tax on a benefit of €12,000 - equal to €4,800 a year at 40% if they are a higher-rate taxpayer. If a group of buyers have set up a company, the Revenue is likely to split the bill among them.

Some homeowners have sold their second homes to avoid the tax. Rees said: "Two of my clients have already sold properties in France and another is considering it because he faces a tax bill of about £50,000."

The benefit-in-kind tax is in addition to any levied by the foreign country. Last year, the Portuguese government clamped down on foreign buyers who were using offshore companies to avoid local stamp duty. It now levies a tax of 5% a year on the value of those properties.

Britons who own homes in France are likely to be hit hardest because they often set up a type of French company called a société civile immobilière (SCI) to get round inheritance laws. Under the law of "forced heirship", your children have fixed entitlements to your property, no matter what your will says. If you own shares in an SCI, it is easier to bequeath the property to whom you choose.

In some cases, SCIs also sidestep France's "wealth tax" of 0.55% to 1.8% on assets worth more than €720,000. However, SCIs do not escape corporation tax of up to 33.33% on any income and there may be tax of 16% on any capital gains.

Peter Horn of Blevins Franks, an accountant, said: "We generally recommend that British residents avoid SCIs, given the benefit-in-kind consideration. If they want to ensure their spouse inherits the property, rather than their children, they may be able to set up a 'community marriage regime'. But this may not help unmarried couples."

If you own a French property in your own name, rather than through a company, you must pay income tax of 25% to 48% on any rent. Any gains when you sell are taxed at 16% if you are an EU citizen and have owned the property for less than 15 years, but the gain is reduced by 10% for every year of ownership between 5 and 15 years.

Your heirs will also have to pay inheritance tax of 5% to 40% if they are blood relatives or 60% if they are "strangers", including unmarried couples.

You must also declare any income or capital gains on your British tax return. France has a "double tax" treaty with Britain, so you get a discount for any tax you have paid on the Continent, but if the amount you paid in France is lower than the rate you would pay at home, you have to make up the difference. If you owned your property in a pension fund, you would escape your liability in Britain, but you would still pay tax in France.

Esders said: "Countries like France and Spain do not recognise UK trust law, so people who buy property with their pensions next year will still be liable for tax on income and capital gains in the foreign country."

It has also been common for British people to set up companies to buy Spanish property, but they could also be caught by the benefit-in-kind tax.

If you own property in Spain in your own name, you will have to pay wealth tax on your Spanish assets, with a minimum of 0.2%. Income from Spanish property is taxed at between 15% and 45%. Even if you do not let the property, you must still pay tax on the notional rental value. When you sell, you may have to pay capital-gains tax of 35%, while your heirs face inheritance tax of 7.65% to 34%.

[ariane] 12/2/2005 12:02

La Tasca raises £19m on AIM
Published 11th February 2005

The UK is about to experience a tapas revival after the La Tasca brand raised £19m of new funding as part of next week's AIM listing.

The 45-strong chain, which expects its shares to be valued at £54m when trading begins on Wednesday, will primarily use the first release of monies to reduce debt. But with a second shares offering planned and hoping to raise a further £17m the bar/restaurant operator is tipped to roll-out its Spanish-themed more outlets around the country.

La Tasca has built itself up by capitalising on the British public's growing taste for Spanish food and drink, offering a popular mix of moderately-priced tapas dishes, along with Spanish beers and wines.

In the year to April 2004 turnover at the group was £39.8m, with operating profits of £6.9m.

[maywillow] 12/2/2005 09:30

February 12, 2005

Duke of Wellington's pastures lure hunters given the boot by Britain
From Charles Bremner in Pau






IT HAS been about 190 years since the Duke of Wellington's men galloped with their hounds through the rolling Gascony countryside beneath the Pyrenees. But the English spirit has never really left Pau, the Iron Duke's garrison town which later became an elegant Victorian resort.
Now, thanks to Britain's imminent foxhunting ban and low-cost airlines, les anglais are about to return to pursue the local renard.

Jeffrey Quirk, a retired English accountant living in a chateau near Pau, is working with two historic English hunts - the Puckeridge and East Suffolk - to have outlawed English huntsmen stable their horses with the Pau chasse and ride with it next season.



"They are both about 20 minutes from Stansted airport, where Ryanair flies direct to Pau," Mr Quirk, 58, said. "This is the best quality riding that I've seen anywhere in Europe. It's somewhere between Hertfordshire and Tipperary."

For soon-to-be deprived English huntsmen, the scene outside Pau on a sunny February morning does seem perfect. Hounds - one named Tony Blair - bay in their kennel and horses are grazing by the red-shuttered stables of "le Pau Hunt", founded in 1840 by Sir Henry Oxenden, a Napoleonic War veteran. Ornamental palm trees and distant snowy peaks are a reminder that we are not in the Home Counties.

Close by lie some 60 miles of empty countryside running westward towards Biarritz, near-perfect hunting land with hedges, ditches and - more hearteningly - a welcome from the locals and not a single protester.

The ingredients seem ideal for Mr Quirk's scheme. The British are pouring into southern France in pursuit of the Gallic idyll and English hunters are seeking new countryside. The local authorities are keen to promote the old English link, and the income it will bring, and the only "English" foxhunting club in France wants to spruce itself up.

Over time the club, whose riders included Winston Churchill, has dwindled to a handful of members. It has not hunted a real fox since the Second World War and Mr Quirk is its first English member for decades.

The 19 other members, who include shopkeepers, teachers, doctors and pensioners, dress in impeccable pink and observe all the rituals, but their hounds follow scent laid down in a dragged trail. La chasse à courre (mounted hunting), which thrives across France, chases deer and boar or dragged animal scent, and only very rarely live foxes.

"They have a fox problem here. They are not hunted and they are are lazy and don't stray far from the copses," Mr Quirk said. He believes that the French hounds will be hopeless at pursuing a live fox, so he is bringing in experienced hounds. Bernard Cazenave, joint Master of Hounds at Pau, said: "We think it's grand to have the English back and it's a great opportunity to develop."

On the walls of the woodpanelled club room are old photographs of moustached Englishmen, stuffed fox and a panel with the names of the hunt's 29 masters since 1840. In 1880-82, the master was James Gordon Bennett, the founder of the New York Herald- Tribune and a ballooning pioneer. Georges Moutet, the present Master, said that he was confident that les anglais would be welcomed back, and that landowners would not be upset by the thought of 50 mounted Englishmen pounding across their property.

The chasse federation which controls game sports, is enthusiastic. Les chasseurs anglais will benefit from an ancient French law obliging small landowners to allow hunters to enter their property. "We are very happy to do a favour for our English fellows in their time of need," said M Moutet.

Senator André Labarrère, the Socialist Mayor of Pau, said that he was "thrilled that the English are coming back to hunt in the Béarn . . . it will be important for the local economy and will revive the image of Pau as France's 'British town'. Too bad if the anti-bloodsport people are not happy".

M Labarrère, a former minister, is seeking EU subsidies to help rebuild the stables and kennels for the English arrival.

Mr Quirk said that conditions and attitudes to hunting are "like England 50 years ago", adding: "The law says if your hounds are hunting vermin, you can go virtually through someone's front door and out the back." France's anti-blood-sports lobby is tiny compared with Britain's.

"People here are saying, 'If you can't keep your tradition alive in England, we will help you'," Mr Quirk said. "We have got an English hunt here that was started by the Duke of Wellington, for God's sake. I'm sorry, Mr Blair, but if you want to take the tradition away from England that's fine, but the French want to help us keep it going and they really mean it."

Not tally-ho but taiaut!


There are 450 registered chasses à courre, or mounted hunts, in France
There are 17,000 hounds, 10,000 hunt members, and about 100,000 followers
Huntsmen wear the same pink as in England, but their version of "Tally-ho!" would be "Taiaut!"
A total of 1.5 million people are involved in some way with chasses à courre, which have become increasingly fashionable in the past two decades. There is no major anti-bloodsports movement
The quarry is usually deer, sometimes sanglier (wild boar) and smaller game and drag hunting - rarely foxes
There are twice as many mounted hunts as 25 years ago and about ten new hunts are formed annually
Until the Revolution, mounted hunting was the preserve of the King and his appointees. Louis XIV ordered the formal French hunting dress

[ariane] 11/2/2005 06:47

February 11, 2005

Quick step to the sun
by Duncan Farmer of the times
Leaseback deals can ease the strain of owning a holiday home



THE DREAM of owning a home abroad that will be a nice little earner remains exactly that for many people, who are put off by the prospect of organising week after week of holiday lets. Thoughts of lounging serenely by the pool are blighted by images of a dripping tap that needs fixing before the next planeload of clients arrives.
There is an alternative, however. From New Zealand to Sardinia or Spain, homeowners are handing their keys to holiday companies in leaseback schemes. That means that investors buy new properties in a holiday village or ski resort and lease them back to the developer (usually a holiday company). The developer then lets them as part of a package tour and the owner receives a guaranteed rent - on average 4.5 per cent of the purchase price - for the length of the lease, which is usually nine years. That is the theory, but how does it work in practice?



Ronald and Jackie Stubberfield bought a two-bed apartment six years ago at Pont Royal, between Aix and Avignon in Provence, from Pierre et Vacances, one of the biggest leaseback developers and holiday resort operators. "We bought it as an investment, with the added attraction of having an apartment we could use outside the main vacation period," Ronald says.

Jackie adds: "The site has a golf course, tennis and badminton courts, archery and cycling as well as pools and a beach. We chose the site because it was the only one with stables, so Michelle, our 19-year-old daughter, could ride every day if she wanted to. She would go off and have a wonderful time, make new friends and come back only for meals. The other people there were predominantly French, which was a little tricky, but Michelle did try to speak French."

They paid £80,000, with the added perk that ths sale was net of £15,680 VAT - an incentive offered to investors in France. Under leaseback, the owner is also relieved of regular maintenance and service charges. "We don't have to pack DIY tools, gardening equipment or paint brushes every time we go - we're on holiday the moment we arrive," says Jackie. There are downsides, however, as she points out: "The rules do mean you can't change anything in the apartment and put your stamp on it." Nor can they leave personal items in the flat, so each summer the family has to pack up golf clubs, tennis rackets and other holiday gear.

Peter Allen, a psychologist from Herne Hill, South London, is buying a two-bed flat at the first Spanish Pierre et Vacances site at Bonmont on the Costa Dorada. He and his wife, Rosalie, already own an apartment near the French ski resort of Avoriaz but this is their first leaseback property. "We knew from our own experience of similar holiday resorts in France that they work very well: they are very popular with the French.

"Tarragona, the nearest town to Bonmont, is a beautiful place. The Romans loved it for its good climate," says Allen. "I first visited the area when it was having a carnival and it was the festive spirit that really sold it to me."

The couple's children, Rebecca, 21, Mark, 17, and Joanna, 15, are keen tennis players. "They still come with us on holiday and I imagine will want to come to Spain. There are tennis courts, a golf course, pools and a free bus will take us to the nearest beach 4km away," he says. Since he put down a 30 per cent deposit on the €200,000 (£138,000) flat 18 months ago, prices have already risen. "We expect to complete in June and the first tenants will arrive in July."

In Italy the company is also building at Calarossa on Sardinia. Here, however, VAT is not refunded and prices start at €144,000 (£99,000) for a studio. The yield of 4.5 per cent includes a period in which owners can use the property themselves. In Bonmont you can choose to visit for three, four, six or nine weeks a year, although the yield falls the more you use it. Your return rises in line with building industry inflation - now averaging between 1.5 per cent and 2 per cent. And European mortgage rates are about 3 per cent. Most investors are comfortably covering their costs. "Owners have to pay the local property taxes but they are very low," says Dario Nabavion, of Pierre et Vacances, "and they don't have to pay any maintenance charges for nine years. At the end of the lease they can choose to sign another lease, keep the place for themselves or sell it."

In the south west of France, Premier Resorts is selling apartments and villas from £246,000 at Domaine de Laprade. Yields vary from 3.6 to 4.2 per cent net of running costs.

In Turkey, which is preparing for an influx of foreign buyers as it attempts to enter the European Union, one developer is offering a more generous leaseback yield of 7.7 per cent. Prices at the Avsallar resort on Turkey's southern Mediterranean coast start at £50,000 for a two-bedroom apartment in the hillside complex overlooking the sea. "The apartments are leased back to a very upmarket hotel complex," says Len Orford of Playa Villas. "And owners can pay the income into the HSBC branch in Alanya, which is paying 21 per cent interest because of high inflation in Turkey."

In New Zealand owners of apartments in the Heritage Building in Christchurch can buy a two-bedroom flat for NZ$375,000 (£142,000) and lease it to the Heritage Hotel for a guaranteed rent of NZ$772 a month (£292). Linda Aitken, of the estate agent Harcourts, says: "If the occupancy rate is high the flat would earn much more. And the hotel offers a bonus each year, which is expected to be approximately NZ$6,000 (£2,273). The service charge of NZ$6,066 (£2,294) is also paid by the hotel."

LEASE OF LIFE

Check you are dealing with a reputable company. If high returns are quoted ensure they are guaranteed and net of running costs

Look out for hidden charges.

Ask what happens should you wish to sell before the end of the lease and check what terms apply when the leaseback term ends.

Obtain specialist legal and tax advice.

Contacts: www.pierre-vacances.fr/immo; Playa Villas (Turkey) 01293 888866; Harcourts (New Zealand) www.harcourts.co.nz; Premier Resorts 020-8940 9406.

[ariane] 10/2/2005 19:25

Spain's largest Leroy Merlin

Leroy Merlin, the number one in France, is planning to open its largest Spanish DIY superstore in Murcia. The new 13 500 m² outlet is scheduled for inauguration this coming spring in the Nueva Condomina complex at a cost of € 25 mio.




9 February 2005

[ariane] 10/2/2005 10:23

January 09, 2005

Olé! Tapas restaurant group heads for float
Matthew Goodman



LA TASCA, the fast-growing tapas chain, is to become the first significant restaurant group to float for several years after appointing advisers for a £50m AIM listing.
The company, founded in Manchester in 1993, has grown to 47 sites, including two in America. It also recently started a sister chain, La Viña, which has opened two restaurants.



The company, headed by chief executive James Horler, is believed to have hired Altium Capital as its adviser and broker and is expected to float in the first quarter of this year.

Funds raised from a listing will be used to pay for expansion - it is opening about 10 new restaurants a year and has eight new sites signed up - and to repay debt.

A float would also provide an exit for Penta Capital, the private-equity firm that acquired the business when it backed Horler in a £28m management buyout nearly four years ago. It is not clear how much of its stake Penta would sell if La Tasca floated.

Horler, who previously ran the Frankie & Benny's chain when he was at The Restaurant Group, is joined on the board by chairman John Barnes, a veteran of the leisure sector who once led Harry Ramsden's, the fish- and-chip shop chain.

La Tasca has proved especially popular with women, who make up about 70% of its customer base. The company is also proud of its authentic Spanish theming. All its wines and beers are from Spain, and 60% of its staff are Spanish.

The group has annual sales of about £40m. Average spend per head at a La Tasca is £13.

[ariane] 10/2/2005 09:51

LONDON (AFX) - Restaurant chain La Tasca Group PLC is planning a flotation
on the Alternative Investment Market with a market capitalisation of around 54
mln stg.
La Tasca is a chain of Spanish restaurants, with 45 outlets in the UK and
two in the US. The group also recently opened two La Vina restaurants in the UK.
It has raised 19 mln stg through a placing of around 18.19 mln new shares at
110 pence each, while its existing shareholders have raised 17.5 mln stg through
the sale of shares in the placing. The placing shares represent 37.1 pct of the
company's share capital.
La Tasca said it will use the new funds to cut its debt.
Penta Capital, which bought La Tasca in 2001, is expected to retain a 23 pct
stake in the company.
The group believes the La Tasca brand is well placed to benefit from the
trend towards casual dining and the popularity of Spanish cuisine.
It reported operating profit of 3.73 mln stg for the six months to Oct 24,
2004.
La Tasca said Christmas trading was well ahead of last year and November and
December trading beat internal budgets.
Dealings in La Tasca shares will start on Wednesday, Feb 16 February.
Altium is acting as nominated adviser and broker to La Tasca.
[e-mail]
ak/

[ariane] 09/2/2005 21:25

02/09/2005 - 15:41 EasyJet planning to offer domestic flights within the Spanish State

The air company will set its operative base in Madrid, Barcelona, Alicante or Malaga.

The low-prices air company EasyJet is planning to offer domestic flights within the Spanish State for 2006. The British company will choose Madrid, Alicante, Barcelona or Malaga as its operative base, as the general manager of the company, Ed Winter, has informed.

The air line carried last year 6.04 million passengers from and to Spain, where there are already 53 routes running in ten airports, which represented the 25 per cent of their total traffic in 2004. With their inclusion in the Spanish market, EasyJet would offer "a cheaper product, attractive and stimulating for the market," Winter explained.

The air line, which will increase its current fleet composed by 100 plains to 160 in 2006 to satisfy its ambitious plans, is analysing the pros and cons of the Spanish candidates (Madrid, Barcelona, Malaga and Alicante) to set its operative base in the south of Europe.

[waldron] 09/2/2005 10:06

MADRID (AFX) - easyJet PLC plans to install a hub in Spain and launch
domestic flights, Expansion reported, citing comments by chief operating officer
Ed Winter.
Expansion said the low-cost air carrier is studying Madrid, Barcelona,
Malaga and Alicante airports for its hub, with a decision expected within one
year.
This is the first step to operating domestic flights, it said, noting that
easyJet has not ruled out a Madrid-Barcelona route.
[e-mail]
tr/jlw

[grupo] 06/2/2005 11:02

Living in Spain - What People Really Want to Know
"Spain the easy way" one of the premier Spanish property agents operating in the UK have recently compiled a survey of the most commonly asked questions by people considering buying a home in Spain.

(PRWEB) February 6, 2005 -- Online spokesperson Richard Baker said "what most people interested in Spain want is clear unbiased advice, after hearing many clients ask the same questions we decided to publish the answers to our most commonly asked questions as an easy reference source for anyone who is thinking of buying in Spain."

Q 1 Can I take my pets to Spain?

Yes, many people take both cats and dogs to Spain, your local vet should be able to help you with the necessary paperwork; usually it is a very straightforward process. Many airlines will now fly pets to Spain for little more than the price of a standard adult flight, alternatively you may feel more comfortable taking them by land.

Q 2 I can't speak Spanish how will I get on?
Spain now has a very large English speaking population. In the coastal areas most shopkeepers, restaurant staff and indeed many Spanish people in general have a basic knowledge of English. Many menus, signs and prices are in English as well as Spanish. There is even several English language newspapers published in Spain. In rural and traditional Spanish areas you may find English is less frequently spoken.

Q3 Can I drive in Spain on my ordinary UK driving licence?
Yes, a UK driving licence entitles you to drive in any European Union country including Spain.


Q4 How good are the Spanish health facilities?
UK citizens are fully covered by the Spanish health care services whilst in Spain. The Spanish healthcare services, set up in 1986, are amongst the best in Europe, with a standard of care said to be at least as good as in the UK.


Q 5 I am interested in Spanish property but don't know how to get more information, where do I start?
Buying any property, abroad or not, can be a stressful process. To make sure you get the right advice we always recommend contacting a reputable independent Spanish property agent with offices in the UK as well as in Spain. It is also very important that you find an independent agent who is not tied to only one or two builders. An independent agent should be able to give you unbiased advice and be in a position to find you the property that you want as opposed to just trying to sell you anything on their books.


Q 6 I have recently heard a lot of stories about "land grab" where people are losing their homes. Can I protect myself against "land grab"?
"Land grab" which is a form of compulsory purchase order has been much publicized in the past, there are dangers, but they needn't affect a sensible buyer. First of all "land grab" only affects certain areas of Spain, a reputable agent should be able to steer you clear of areas where your property could be at risk. Secondly if you have an interest in a particular property, before you purchase, a Spanish Solicitor should be able to ascertain whether or not your property will be susceptible to "land grab".


Q7 Does Spanish property come with any guarantees, how do I know if we are buying a good quality well built home?
As Spain is part of the European Union Spanish builders have to work to the same regulations and standards as UK builders. All new Spanish homes are sold with a 10year bank backed building guarantee.


Q8 I have heard that there are many people who own a Spanish home and rent it out for a few weeks a year to cover their mortgage costs is this easy to do ?.
There are many English speaking letting agents based in Spain who will, for a percentage of the rent charged, handle every aspect of renting out your Spanish home. Once again a good Spanish property agent should be able to recommend several who are reputable.


Q9 Can I get a mortgage to buy a Spanish property?
UK citizens can, subject to status, take out a Spanish mortgage. Currently due to lower interest rate Spanish mortgages are considerably cheaper than UK mortgages, this probably accounts for the large number of UK citizens who are now taking on a Spanish mortgage.


Q10 I have heard a lot about purchasing "off plan", is this a good idea ?
That depends on your requirements. When you purchase off plan you will be purchasing a property in advance before it has been built. Whilst this can be a good idea for many people the main drawback is that your property may not be ready for 12 months or more. If you are looking to use your property quickly you may be best advised to buy a resale home. Spanish resale homes are usually sold fully furnished and the legal process will take approximately six to twelve weeks.

www.spanish-property.ws was created by "Spain the easy way" as a guide for English buyers looking to buy a holiday or retirement home in Spain. They provide information on places to buy, styles of home available and the buying process in Spain. They promise a personal service with access to "real people" to answer questions and guide you through the whole process.

For more information or to ask your own question please visit www.spanish-property.ws if you don't have access to the Internet please call 01709 721812 and speak to one of the team who will be happy to offer you any advice they can.

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