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retail-shopping-centers Market News: Spanish Real Estate Intelligence

Corpfin Agrees Sale Option for Gran Vía 55 in 2021

14 September 2018 - Eje Prime

Corpfin has placed one of its assets in Madrid. The real estate manager has agreed the sale in 2021 of a retail property located at number 55 Gran Vía, in Madrid. The company has signed a purchase option agreement, which the buyer of the property is expected to execute in 2021.

According to a statement filed by the company with the Alternative Investment Market (MAB), the agreement includes a payment by the buyer, whose identity has not been revealed, amounting to €2.64 million as an option premium.

The asset currently belongs to Corpfin Capital Prime Retail Assets II, which is owned by Corpfin Capital Prime Retail III Socimi (40%) and Corpfin Capital Prime Retail II Socimi (60%).

In July, the real estate manager sold thirteen retail premises to Swiss Life for €83 million, and in July, it purchased a centre operated by Makro in Madrid for €8 million. In April, Corpfin created a Socimi with €400 million to invest in high street premises.

Original story: Eje Prime

Translation: Carmel Drake

 
Tomás Olivo set to Acquire El Mirador Shopping Centre in Gran Canaria

13 September 2018- Eje Prime

General de Galerías Comerciales is bidding exclusively for the largest retail space in the Canary Islands. Eroski, the owner of the Mirador de Jinámar, is holding exclusive negotiations with the company owned by the Murcian businessman Tomás Olivo, the Socimi General de Galerías Comerciales, with a view to selling the asset. The offer is expected to amount to around €45 million, according to sources close to the operation speaking to Eje Prime.

Valued at between €45 million and €100 million, General de Galerías Comerciales is not the only company that has expressed interest in the shopping centre in Gran Canaria in recent months. In fact, Eurofund’s investment fund offered €46.6 million in July for the asset, which opened its doors to the public in 2010.

Although sources at General de Galerías Comerciales have indicated to Eje Prime that the process is still “in its infancy”, sources in the sector explained that the operation is causing controversy because the company owned by Tomás Olivo has offered less than Eurofund's bid.

The Mirador de Jinámar is a commercial area promoted by Eroski and the property developer Ambrosio Jiménez. The shopping centre spans a total surface area of 50,000 m2, of which 11,300 m2 is dedicated to the largest hypermarket that the cooperative distribution company belonging to Corporación Mondragón owns in the Canary Islands.

Since November 2010, the Mirador de Jinámar has been home to a total of 120 stores. Spread over two floors, some of the tenants of the property include firms in the Inditex group (its Zara store has a surface area of 2,000 m2), H&M, the Cortefiel and Primark brands (the latter’s store spans 5,000 m2 making it the Irish company’s largest in the Canary Islands).

The complex is located in Jinámar, a neighbourhood located between the municipalities of Las Palmas de Gran Canaria and Telde, the two most important cities on the island. The complex also has a parking area with capacity for more than 40,000 vehicles.

In a second phase, which is still pending, the centre is planning to expand its offer to include 45,000 m2 of additional space, which will be allocated to DIY and homeware firms (…).

General de Galerías Comerciales, on the hunt for new assets

Controlled by Tomás Olivo,  General de Galerías Comerciales made its debut on the MAB in July last year, to become one of the largest Socimis by capitalisation in the sector. The company has twenty years of experience undertaking its activity right across the value chain, from the purchase of land to the management of assets.

The main assets in its portfolio are retail parks and shopping centres in Spain, such as La Cañada (Marbella), Mediterráneo (Almería), Mataró Parc (Mataró), Gran Plaza (Almería), Las Dunas and Nevada Shopping (Granada). The company also has an extensive portfolio of residential assets and retail premises, as well as land, primarily in the south of Spain. When the company made its debut on the MAB, its portfolio of assets was worth €1.9 billion (…).

Original story: Eje Prime (by B. Seijo and P. Riaño)

Translation: Carmel Drake

 
Optima Retail Buys Store in Marbella for €3M as part of €60M Investment Plan

12 September 2018 - Eje Prime

The retail sector in Marbella is attracting attention from investors. Optima Retail, one of the funds owned by the Spanish real estate and energy consultancy Optima Global Services, has acquired a retail outlet in Puerto Banús for €3 million. The operation forms part of the fund’s investment plan, through which it intends to disburse €60 million between now and 2019, according to explanations from Javier Alcalde, CEO of the group, speaking to Eje Prime. The objective will involve the firm spending €30 million in 2018 and another €30 million in 2019.

Launched in 2017, Optima Retail has just signed the purchase of the store located at number 17 Muelle de Benabolá in Puerto Banús from a family office. The asset, which has a surface area of 100 m2, is, and will continue to be occupied; it is let to the multi-brand footwear firm RKS. The operation has been advised by the real estate consultancy Catella.

The store displays the characteristics that the fund Optima Retail seeks for its portfolio: located in a prime area or provincial capital, as well as prices that do not exceed €4.5 million. The fund currently owns six units, located in cities such as Segovia, Vigo, Marbella and León.

Founded in 2004, and headquartered in Madrid, Optima Global Services comprises a group of companies dedicated to the real estate and energy sectors. One of the company’s areas of operation is the creation and management of real estate funds, both for external clients and on its own behalf. The company operates in a number of sectors, from retail to residential, to industrial, to hotel and including alternative assets such as hospitals and student halls.

Besides Optima Retail (its youngest vehicle), the company also operates through the fund Vastned, based in Amsterdam. In that case, Vastned focuses on assets located on prime streets of European cities, with Madrid and Barcelona amongst its targets in Spain. For example, Vastned’s assets in the Spanish capital include the properties at number 15 c/Ortega y Gasset and number 37 c/Fuencarral.

Optima Global Services also manages a portfolio of six shopping centres in Spain, located in Madrid (La Dehesa), Valencia (Mercado de Campanar), Zaragoza (Plaza Imperial), Córdoba (Connecta), Ciudad Real (Puerta del Ave) and Vigo (Travesía de Vigo). The company manages assets worth €600 million.

Original story: Eje Prime (by P. Riaño)

Translation: Carmel Drake