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

Blackstone Looks to Sell Espacio León for €100 Million
16 September 2019 – Blackstone is looking to sell the Espacio León shopping centre, in the provincial capital of León, for 100 million euros. The US-based investment giant initially acquired the asset in 2015, together with another two shopping centres in Portugal. Espacio León has an area of 37,000 square meters, with 1,500 parking spaces. In mall boasts 141 stores and receives approximately five million visitors per year. Original Story: Eje Prime Adaptation/Translation: Richard D. K. Turner
 
Vukile Looking to Launch Takeover of Lar España
10 September 2019 The South African firm, Vukile Property, is looking to take a stake in Socimi Lar España, a major investor in shopping centres, with 16 assets valued at 1.462 billion euros. Vukile, which operates in Spain through Castellana Properties, has already arranged financing for the deal. UBS will represent the firm, while Lar España has hired Lazard. Lar España was the first socimi to list on the continuous market and currently has a capitalisation of €615 million, a 36% discount to net asset value. Lar España’s largest shareholders, Pimco and Grupo Lar, are expected to insist on a 30% premium to the share price. The socimi ended the first semester with sales of €39 million and a net profit of 29 million euros. Lar España has been focusing its investments on shopping centres, selling the office buildings it had in its portfolio, as well as logistic assets. In the last 18 months, the firm has raised €425 million, including the €120-million sale of a logistics portfolio to Blackstone and the €190-million sale of four office buildings in Madrid and Barcelona. Lar España currently has fourteen assets in its portfolio, with a gross rental area of ​​580,000 m2 and a market value of €1.462 billion (June 30, 2019). Original Story: Expansión - Rebeca Arroyo / Nicolás Sarriés. Adaptation/Translation: Richard D. K. Turner
 
Seven New Socimis Start Trading on Spain’s MAB in First Seven Months of 2019
26 August 2019 In the year to date, seven new companies, with a total capitalisation of 799.6 million euros, have started trading on Spain’s Alternative Stock Market (MAB), a testament to the pace of activity in the local real estate market. Just in January, three companies made the leap to the MAB. Almagro Capital stared trading at 1.08 euros per share, while a few days later, Park Rose Iberoamericana began trading at 1.15 euros per share, valuing the Catalan socimi at 10.8 million euros. Urban View, a socimi which invests in rental flats, began trading at 7.2 euros per share, valuing the company at 38 million euros. The month of July also saw important new IPOs. Trivium Real Estate starting trading with a market capitalisation of 255 million euros. One day later, Millenium Hotels Real Estate I began trading with a capitalisation of €262.5 million.  The company, which focuses on the acquisition of 4 to 5-star hotels, has two functioning hotels and three under development, with a total of about 640 rooms. A few days later, Inbest began trading on the market through four different socimis, with a total market capitalisation of €84.7 million. One of the socimis has a portfolio of four commercial stores, all of them rented to El Corte Inglés. Another has a portfolio that includes the commercial gallery at the bottom of the Edifício España in Madrid. Original Story: Eje Prime - Marta Casado Pla Adaptation/Translation: Richard D. K. Turner