MEET GRUPO INSUR
Currently, INSUR maintains its robust rental portfolio offering a gross leasing area of around 115,000m2 for rent with over 2,500 parking spaces in prime locations in Seville, Cordoba, Cadiz, Huelva, Marbella and Madrid.
In response to the recovery in the housing market, INSUR is ramping up its development activity by setting up joint ventures with other leading partners in the sector. In June 2016, INSUR created a new venture, IDS Madrid Manzanares, to promote a 28,000m2 office block in Madrid next to the M-30 motorway and “Madrid Rio”.
In early 2015, the Sistema de Interconexión Bursátil (SIBE), the electronic Spanish Stock Market Interconnection System, introduced a change in the trading of INSUR shares from Fixing mode to Open Session (Contratación Continua), effective as of 1 April 2015.
In the same year, two investee companies were incorporated. The first was Desarrollos Metropolitanos del Sur,S.A., joint venture with Anida Operaciones Singulares SAU. (Grupo BBVA) to develop 2,500 homes in Entrenúcleos, Dos Hermanas (a dormitory town of Seville) and 44 multi-dwelling units in Marbella (Malaga). The second joint venture, IDS Residencial Los Monteros, S.A. was set up by two private investors. This project involves the construction of 321 homes in Marbella (Malaga).
In September 2015, the board approved the Strategic Plan 2016-2020 that sets out our main objectives for the forthcoming years.
In early 2014, Grupo INSUR foresaw changes in the sector and, sensing a new market scenario, decided to carry out a detailed market study and started drawing up the Strategic Plan that was approved the following year. The most dramatic changes at Grupo INSUR came with the re-launch of development projects and an increase in the hiring of personnel.
This growth was also driven by the joint venture activity of the company which had started in 2013, when IDS Palmera Residencial was set up with two private investors, with Inmobiliaria del Sur, S.A. taking a 50% stake .
The year 2014 saw the re-structuring of the group. Inmobiliaria del Sur, S.A. took a 100% stake in Innovación en Desarrollos Urbanos del Sur, S.A., which then changed its name to IDS Residencial, S.A. At the same time, Inmobiliaria del Sur, S.A. acquired a further 40% of Hacienda La Cartuja, S.A. to bring their holding to 100%.
In 2012, the property market outlook was still not promising, so Grupo INSUR decided to take action which proved to be a crucial turning point in INSUR´s history and guided it towards a recovery from the housing market crisis. Key actions were: completing the transformation to the new financial model, stock consolidation, a rationalization of current stock and a debt reduction plan.
In October 2007, the CNMV (Comisión Nacional del Mercado de Valores – the Spanish stock market commission) admitted INSUR shares to the SIBE electronic platform to be traded in Fixing mode, as of 5 November 2007.
Towards the end of the 90s, Inmobiliaria del Sur expanded its presence into different geographical regions, extending its development activity into the provinces of Cadiz and Malaga. In 1997 they acquired a large plot of urban land in Marbella, with a building footprint of about 100,000m2, for a key urban development of over 900 homes. Similarly, in the late 90s, the Inmobiliaria del Sur Group began to take shape in order to spread the risk of development through alliances, especially with banks, and taking on bigger projects and optimizing the cost structure. At the same time, the firm made key investments in 5 new buildings which were earmarked for letting.
In the 80s, their clear inclination towards property preservation of the company was consolidated its property rental portfolio with the construction of a large office building and outlets for rent: Buenos Aires Building in Avenida República Argentina which has a gross floor area of 32,000 m2. On 1 July 1983, the share capital of the firm reached 200 million pesetas and the Board agreed to float on the Madrid Stock Exchange (Bolsa de Madrid). On 26 March 1984, the governing body of the Official Association of Stockbrokers agreed to trade the two hundred thousand shares of a nominal value of 1,000 pesetas into which the share capital was divided. Since then, INSUR shares have been traded on the Madrid Stock Exchange.
Inmobiliaria del Sur SA was incorporated in Seville on 6 September 1945 with share capital of 10 million pesetas. It started trading in June 1946 with the acquisition of all the plots of what is now the Avenida de República Argentina, currently a prime location, from the company Los Remedios,S.A. In the 60s, after a number of developments, Inmobiliaria del Sur SA, started building its property rental business by letting in their developments its ground floors premises and office space to third parties, which proved to be vital for its future prosperity.