Nyesa Raises Capital with New Investors & an Office Portfolio in Cádiz worth €22M

30 October 2018 – Eje Prime

Nyesa is continuing with its plan to capture investors and increase its share capital and portfolio. The Spanish real estate company has agreed to a capital increase, which will allow the company Olaf y Rubí to become one of its shareholders. Following the operation, Nyesa’s new shareholder will introduce into the company’s portfolio 95 offices in Las Torres De Hércules, in Cádiz, worth €22 million, according to a statement filed by the company with Spain’s National Securities and Markets Commission (CNMV).

The investment, which will see Olaf y Rubí acquire a 21% stake in the real estate company, is conditional upon Nyesa’s largest shareholders (the US group Gaber, the Russian investors Eldarov, Ivanov, Samodurov and the company Fanumceo) considering that the assets in question will pass an urban planning, legal, tax and financial review.

Olaf y Rubí’s portfolio is associated with a mortgage amounting to almost €4.8 million. The new shareholder of the real estate company will subscribe to a line of credit to cover all of the costs relating to the mortgage (…).

Las Torres de Hércules, located in the Bay of Algeciras, were designed by the prestigious Spanish architect Rafael de la Hoz. Their tenants include companies such as the Danish logistics giant Maersk, which houses its headquarters for Southern Europe in the complex.

Standing 126 m above the city, the building was the tallest in Andalucía for several years, until the completion of Torre Sevilla, owned by CaixaBank. The property, which comprises two towers, spans a surface area of almost 20,000 m2 and was acquired by the Socimi Brickstock in September.

Original story: Eje Prime

Translation: Carmel Drake

Bogaris Invests €25M in its New Shopping Centre in León

31 October 2018 – Eje Prime

Bogaris is on a roll in Spain following the opening of the Torrecárdenas shopping centre last week. The company, which specialises in the development of large commercial, logistics and industrial spaces, has invested €25 million in the development of its new shopping centre in León, according to comments made by the company’s Director General, Javier Marín, to Eje Prime.

The plot on which the Reino de León shopping centre is going to be located spans a total surface area of 54,000 m2. Of that space, Bogaris’s project will occupy a gross leasable area (GLA) of 26,000 m2, and tenants have already been identified for more than half: Leroy Merlín will occupy 10,000 m2 and Decathlon is going to lease another 4,000 m2.

The Reino de León shopping centre will also have other operators, such as Conforama, McDonald’s and Kiwoko. “We still need to find a tenant for an 800 m2 unit that we want to dedicate to the food sector”, said Marín. Nevertheless, the company is determined to start work on the construction of the complex between the end of this year and the beginning of 2019.

Bogaris also has another project underway that it is planning to start work on at the same time as Reino de León. That is a shopping centre in Lisbon, located on a plot with a buildable surface area of 23,000 m2 and around 45,000 m2 of land. In that case, the company has already confirmed Leroy Merlin, Conforama and the hypermarket chain Continente Modelo as tenants.

Currently, the group is working on other new projects, in the marketing and urban development phases, in Cataluña, Levante, Andalucía and Castilla y León. (…).

For the time being, the company wants to consolidate its presence in the Iberian Peninsula, although it does not rule out expanding overseas at some point (…).

With more than twenty years of experience, the group has its headquarters in Andalucía, the region where it began its activity, firstly by investing in the industrial sector and then in supermarkets (…).

Original story: Eje Prime (by B. Seijo)

Translation: Carmel Drake

B&B to Open the First Hotel in Valdebebas

29 October 2018 – Expansión

The hotel chain B&B Hotels – owned by the fund PAI Partners – is arriving in Valdebebas with the objective of opening the first hotel in that urban development to the northeast of Madrid in 2021.

To this end, the French chain has signed an agreement with Filasa, the owner of the land on which the establishment will be built, for the rental of the plot in Valdebebas for a minimum period of 10 years.

Two buildings are going to be constructed on the plot, which has a buildable surface area of 8,000 m2. The first, which will span a surface area of 4,400 m2 and be shaped in a stepped-structure, will house the 150-room hotel. The second, which will span 3,200 m2 and take the form of a cube, will be used for offices. This property will also have a premise measuring 400 m2.

Original story: Expansión (by R. Arroyo)

Translation: Carmel Drake

Grupo Lar to Invest €250M in New Logistics Developments

28 October 2018 – Expansión

The property developer Grupo Lar is going to bet on the logistics segment in Spain over the coming years, with a planned investment of around €250 million to purchase land and build warehouses.

The Managing Director of Grupo Lar, Miguel Amo, explained that the first project included in that investor package is being carried out in Quart de Poblet (Valencia), where the firm is on the verge of purchasing a plot spanning 40,000 m2. The pre-agreement to the purchase was negotiated in July and the audit has recently been completed prior to the construction of a warehouse measuring 25,000 m2 on the site.

Following that project in Valencia, the new team for the logistics segment at Grupo Lar is preparing and negotiating other investments in Barcelona, Madrid, Málaga, Sevilla and País Vasco, with the “same structure”: minority shareholders and in-house management.

The investments in logistics land have been decided by the property developer Grupo Lar – which is owned in its entirety by the Pereda family – after it was announced that the new strategy of the Socimi, Lar España Real Estate, will focus purely on the shopping centre segment (“retail”).

Grupo Lar owns 10% of Lar España and is that firm’s second largest shareholder. It will also operate the Socimi’s management contract until 2021.

Lar España’s focus on retail has caused the Socimi to divest from other segments, such as residential, offices and logistics.

According to Amo, the difference is that the Socimi’s logistics investments involved finished warehouses, whereas those planned by the group include the acquisition of land and development. In the residential segment, Grupo Lar has a portfolio of land for 15,000 homes, of which around 4,000 are active in the seven markets in which it operates: Mexico, Spain, Peru, Colombia, Brazil, Poland and Romania.

The firm expects to close 2018 with around 2,000 homes delivered, for almost €450 million.

In Spain, the group has around 2,000 homes in its portfolio, of which 350 are active, with plans to handover around 250 during 2018.

Original story: Expansión

Translation: Carmel Drake

Héctor Colonques Acquires 4.9% of Árima for €5M

29 October 2018 – Europa Press

Héctor Colonques Moreno (pictured below, centre), the controlling shareholder of Porcelanosa, has acquired a 4.99% stake in Árima, the company constituted by the former CEO of Axiare, José Luis López de Herrera-Oria, which made its stock market debut last week with a public share offering (OPS).

Colonques has acquired half a million shares in the firm, a package worth €5 million based on the share price of €10 that was set for the IPO.

Nevertheless, that stake is currently worth €4.65 million, given that the firm’s shares are trading at around €9.30.

The investment by the co-owner of Porcelanosa follows others made by institutional investors, which are emerging in the days following the firm’s placement in the register of Spain’s National Securities and Exchange Commission (CNMV).

In this way, Bank of Montreal has acquired 9.79% of the share capital of the new Socimi, whilst Morgan Stanley has purchased 9.4% and the fund Pelham Capital another 9.9%.

Árima made its stock market debut last Tuesday, 23 October, after reducing its OPS by one third. It was set at €100 million in the end and its placement period was extended by several days (…).

Original story: Europa Press 

Translation: Carmel Drake

Quabit Buys Land in Madrid for €3.8M to Build 85 Homes

29 October 2018 – Eje Prime

Quabit is expanding its land portfolio to fulfil its growth plan. The listed real estate company has purchased a plot of buildable land measuring 8,500 m2 in Valdemoro (Madrid) for €3.8 million, according to a statement issued by the company.

The property developer is going to build 85 homes on that site, through which it expects to generate revenues of €17 million. With this new investment, over the last year and a half, Quabit has incorporated residential land on which to build 4,925 homes all over Spain into its portfolio.

Moreover, the real estate firm now owns a portfolio of buildable land to fulfil 75% of the objectives established in its Business Plan for 2017-2022. So far this year, the property developer has invested €35.7 million in the purchase of land in areas such as Madrid, the Costa del Sol and the Corredor de Henares, as well as in the Balearic Islands. In total, Quabit has added 116,700 m2 of land to its portfolio on which to build 980 homes and through which it expects to invoice €179 million.

Since it launched its new business plan in 2017, the property developer controlled by Félix Abánades has invested almost €200 million in residential land. Currently, Quabit is marketing fifty developments comprising 3,724 homes. The property developer’s land bank spans 1.1 million m2 for the construction of 8,800 homes.

Original story: Eje Prime

Translation: Carmel Drake

Sareb Sells Former Barracks in Es Castell to the Local Government for €2.4M

25 October 2018 – Menorca Info

The Govern, Consell and Town Hall of Es Castell have closed an agreement to purchase the barracks in Plaça Esplanada de Es Castell, Duque de Crillón and Conde Cifuentes. According to reports on Thursday, the payment will be made during the first quarter of next year.

On Tuesday, Sareb, the owner of the properties, confirmed that it was going to accept the economic offer from the Govern, which amounts to €2.4 million. Of that amount, €420,000 will be contributed by the Town Hall of Es Castell, €1 million by the Consell of Menorca, and the remaining €1 million by the Govern.

The agreement specifies that the barracks will be intended for public use given their high historical, heritage and landscape value. The initial plan is for the Govern to carry out the purchase of the warehouses directly from Sareb, to avoid them being used for other purposes.

The executive has already made a provision in the budget for 2019 for the acquisition of this infrastructure.

Ownership of Duque de Crillon will pass to the Town Hall of Es Castell, whilst Conde Cifuentes will be jointly owned by the Govern and the Consell.

Both barracks will be used for public facilities and administrative uses.

Moreover, the agreement provides for the creation of a Monitoring Committee to monitor and control the execution of the commitments made by each institution.

In November, a document will be formalised to sign the agreement and it will be signed before the end of the year. During the first quarter of 2019, the purchase file will be executed and the acquisition will be formalised.

Original story: Menorca Info

Translation: Carmel Drake

Ores Socimi Acquires 3 Commercial Assets for €19.7M

25 October 2018 – Idealista

Ores Socimi has circumvented some of the operations that it was studying and has leapt into action. The Socimi owned by Bankinter and the Portuguese real estate company Sonae Sierra has acquired three commercial assets, occupied by the supermarkets Mercadona and Día, and the home decor store Conforama, for €19.7 million. The purchases have been carried out in Madrid and Santander.

In Madrid, Ores has purchased an asset occupied by Mercadona, located in the town of Humanes, which has a retail surface area of 2,334 m2. That transaction was carried out for €4.1 million.

Ores has also purchased a supermarket in Getafe, which is leased to and operated by the company Día. That asset has a total surface area of 1,956 m2 and the amount of the operation was €3 million. In Santander, meanwhile, the company has invested €12.6 million in an asset operated by Conforama and with a surface area of 8,000 m2.

These acquisitions form part of a new period of purchases by Ores, which has set itself the objective of investing €30 million, as revealed by Idealista News.

In this way, Ores is continuing to grow its portfolio, which comprises 30 assets and has a combined market value of more than €328 million and a gross annual income of €19.4 million.

Ores is aimed at private banking clients. Although its portfolio of assets is small, for the time being, the Socimi made its debut on the stock market with the objective of investing €400 million in retail premises on high streets, as well as supermarkets, retail parks (up by 20,000 m2), bank branches and singular assets with long-lasting leases and solvent tenants.

Bankinter and Sonae Sierra launched their real estate vehicle in record time. On 15 December last year, the two groups constituted the company and, within just two months, they carried out the process to create the vehicle, raised sufficient capital to get it going and completed its stock market debut.

Original story: Idealista (by Custodio Pareja)

Translation: Carmel Drake

British Fund Pelham Acquires 10% of Árima

25 October 2018 – Eje Prime

Árima has opened the door to British capital. The UK fund Pelham Capital has declared a stake of 9.98% in the new Socimi from Luis López de Herrera-Oria (pictured below), according to a statement filed by the company with Spain’s National Securities and Market Commission (CNMV).

The new real estate vehicle of the former founder and CEO of Axiare (which was taken over by Colonial) has convinced the London-based firm to enter its share capital by acquiring 999,028 shares, worth €9.5 million, on the basis of the real estate firm’s current share price.

After completing its debut on the main stock market, with a dip of 10%, Árima’s share price recorded a slight upturn on the second day of trading, with an increase of 5.56%.

It is expected that, over the coming days, other funds and institutional investors will be revealed that have participated in the €100 million capital increase that Árima launched to complete its stock market debut. Initially, the Socimi had intended to raise up to €300 million, but it lowered its expectations in light of the unstable situation in the markets.

Original story: Eje Prime

Translation: Carmel Drake

The Venezuelan Capriles Family Creates a Socimi: Kowo Real Estate

26 October 2018 – Idealista

Increasingly more families are deciding to channel their investments in property through Socimis. Whilst in August, it was the Koplowitzs who decided to create their own investment vehicle using that structure, now, it is the Venezuelan Capriles family that is throwing itself into the real estate market with its first Socimi, Kowo Real Estate, according to explanations provided by sources in the sector speaking to Idealista News.

In recent years, the Capriles family has become one of the most active in terms of investment in luxury housing through the company Gran Roque Capital. On its shoulders stand the recovery of three developments in Madrid, in the Chueca area (two on Calle Fernando VI and the other on Calle Barquillo). At the end of last year, the company started to market homes on Calle Pablo de Aranda in the El Viso area with the aim of reaching €11,000/m2.

Now, the company is pushing ahead with one of the vehicles of the moment in the real estate sector. The businessman Miguel Ángel Capriles has launched Kowo Real Estate Socimi, with the aim of buying and developing real estate assets of an urban nature for their subsequent rental.

But this is not the first time that the company has considered launching a Socimi. At the beginning of this year, the family announced that it was finalising the constitution of a Socimi to position itself as a leader in the tourist accommodation segment The initial investment in that project amounted to €40 million, according to the business plan provided by Edric Capriles.

The Bluemoon apartments are owned by that Socimi, according to reports from La Celosía. They are located in the El Carmen neighbourhood of Valencia, a stone’s throw from the cathedral and its first commitment in Spain. The company invested €5 million in that aparthotel, comprising homes for tourist use of a residential nature. In addition to Valencia, Málaga and Sevilla are also in the spotlight of the Venezuelan investors.

The real estate business of the Capriles family in Spain comprises luxury housing development and renovation projects. Its corporate network in Spain contains more than twenty companies dedicated to real estate development (Craski Inversiones, Madriski Inversiones…), the sale and purchase of real estate assets on their own behalf (Gran Roque Capital and Invecap Inversiones Inmobiliaria) and the rental of real estate assets (MACL Castellana 56).

Between them, all of those entities own total assets worth €125 million. Invecap Inversiones Inmobiliarias is the most important entity, with total assets of €53.3 million and from which almost all of the other entities depend. The latter, moreover, is the sole shareholder of the recently created Socimi.

Original story: Idealista (by Custodio Pareja)

Translation: Carmel Drake