Luxury remains the centerpiece of the Canalejas project, a hub where high-end boutiques, dining venues, and a hotel aligned with the Four Seasons brand sit within a realm of exclusive retail. The Canalejas complex, located in the heart of Madrid, marks a milestone in Spain’s financial history, transitioning from Banco Santander’s ownership in 2006 to new ownership through 2012. That year, Juan Miguel Villar Mir became the controlling figure via his group and ultimately integrated the asset into the OHLA platform. A half-share arrangement left the door open to the other 50% of the Mohary hotel venture, which invested TL 215 million in 2017. Canalejas prospered as OHLA’s financial health wavered; former minister Josep Piqué held the role of CEO from 2013 to 2016, a period shadowed by a sequence of reputational and financial challenges that strained the group’s balance sheet. Debt pressures began to mount, nudging the company toward potential insolvency.
The long-awaited rescue arrived when the Mexican conglomerate Caabsa, linked to the Amodio family, stepped in. They acquired a 16% stake in OHLA in May 2020 and increased their holding to 26% a little more than a year later. The Amodio brothers, Luis and Mauricio, prepared to take the helm, reserving the Four Seasons project for themselves. The Madrid return point became the launching pad for a broader strategy, with José Antonio Fernández Gallar installed as CEO. The Amodios joined Carlos Slim, another heavyweight owner in Spain, as the operator of a large construction business. Slim’s influence is notable as he controls a substantial share in FCC. In a strategic move on March 9, Villar Mir divested 7.09% of OHLA shares to the Monegasque fund Tyrus, reducing his stake to a symbolic 6,000 shares. Looking ahead, Juan Villar Mir’s son is expected to step away from the Board at the upcoming Shareholders Meeting. Reyes Calderón, an economics professor and writer from the University of Navarra, is a voice among the council members.
From a peak price of EUR 17.63 per share in May 2007, the company’s market value tumbled, closing at 0.58 euros with a roughly 350 million valuation—well behind its five major national rivals. After a period of promising profits in 2012, the firm endured five consecutive years of losses driven by the sale of its stake in Abertis. OHLA finished 2022 reporting 3.259 billion in revenue but a substantial loss, while its net financial debt, measured against bonds rated B3 by Moody’s and categorized as speculative, stood at around 432 million. The company employs nearly 25,000 people and positions itself as a diversified player with exposure to international contracting and property assets.
The industrial outlook for OHLA hinges on a robust contract portfolio valued at approximately 7 billion dollars and a 50% footprint in the United States, notably a midwest partnership to build the Maryland light rail line alongside ACS. The ongoing financial strategy emphasizes asset reduction and efficiency gains: divesting non-core assets such as a hospital in Canada and the 50% stake in Canalejas, while aiming to cut debt by 150 million and lift EBITDA by more than twofold. The management team has signaled a disciplined approach to leverage, prioritizing sustainable growth over rapid expansion.
How is Canalejas valued within OHLA? The company uses the 50% stake in the Istanbul shopping mall as a baseline, estimating a value around 180 million and representing a meaningful portion of OHLA’s overall market capitalization. Industry insiders note that there is no urgency to fully reprice or liquidate assets; several opportunities remain under consideration. In this context, the Mohay reference acknowledges a separate enterprise lineage linked to the founder of the PokerStars venture, Mark Scheinberg, whose 2014 exit is part of the corporate narrative but not a current focal point. Analysts consistently remind readers that asset values are often understated by markets when future growth is anticipated.
OHLA’s broader strategic moves do not currently include plans to list US subsidiaries or pursue a major consolidation wave with other builders. The Amodio family’s capital strategy does not appear aimed at a public market transaction of more than 50 percent; the group is weighing options to strengthen the euro-denominated balance sheet. The primary challenge remains fortifying liquidity and driving efficient capital allocation to unlock value across both construction and property ventures.
He was only supposed to head Real Madrid.
Juan Miguel Villar Mir, born in Madrid in 1931, pursued a path that brought him close to the presidency of Real Madrid but never captured the role. He has held the office of Deputy Head of Government and served as Minister of Finance during the early years of Spain’s post-Franco era under Juan Carlos I and Carlos Arias Navarro. After stepping back from construction, the Villar Mir family shifted focus toward renewable energy and other ventures, steering the business toward diversified investments rather than singular alignment with a single sector.