The Socimis have become the main drivers in the real estate market in Spain. And yesterday, two of the listed real estate investment companies informed the CNMV about the completion of two transactions, worth €300 million, which were announced several months ago.
On the one hand, Lar España Real Estate completed the purchase of the Megapark del Baracaldo shopping centre and factory outlet (in Vizcaya) from the fund Oaktree for €170 million, in the largest investment made by the Socimi to date. The company, which completed a €135 million capital increase a few months ago, has now invested €852 million in real estate assets since it was constituted at the beginning of 2014.
The properties acquired in this latest deal cover a surface area of 64,000 m2, i.e. half of the total surface area of the Megapark de Baracaldo, measuring 128,000 m2, the largest retail space in the País Vasco and the fourth largest in Spain.
The shopping centre itself covers a surface area of 44,152 m2 and is home to 14 retail outlets, leased to Media Mark, Decathlon, El Corte Inglés and Toys R Us, amongst others.
Also, Lar has acquired a factory outlet, the only one in the north of the country, measuring 19,395 m2, which has 59 commercial premises that are leased to Nike, Mango, Puma, Desigual and Purificación García, amongst others.
Meanwhile, Hispania completed the purchase of 80% of Bay from Barceló. The hotel Socimi owns 11 hotels and one shopping centre, which are valued at €229 million. Hispania and Barceló agreed to create a Socimi back in April and the acquisition of the assets in stages by Hispania was the first step. Hispania has paid consideration of €123 million for the purchase of this stake.
The transferred assets include the hotels: Barceló Isla Cristina, Barceló Cabo de Gata, Barceló Jandía Mar, Barceló Jandía Playa, Barceló Hamilton, Barceló Pueblo Menorca, Barceló Cala Viñas, Barceló Ponent Playa, Barceló Pueblo Ibiza, Barceló Teguise Beach and Barceló Varadero, as well as a shopping centre in Fuerteventura.
In subsequent phases of the operation, Barceló aims to obtain a 49% stake in the hotel Socimi, through future capital increases, according to a statement from both companies. Moreover, the hotel chain will continue as the operator of the properties through a lease contract for an initial period of 15 years.
Original story: Cinco Días
Translation: Carmel Drake
Translation/Summary: Carmel Drake