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Tander to Invest Up to €35 Million in 2019, Including in Portugal
25 February 2019
The company is also exploring potential opportunities in Italy and will continue to invest in its home market of Spain, both in the cities where it currently operates and in new locations.
Tander is beginning to look beyond Spain’s borders. The socimi, which specializes in the acquisition of profitable commercial premises, plans to invest up to 35 million euros this year to further expand its portfolio and begin operations in new foreign markets. The company has already begun to look for possible investors in other European countries, with an emphasis on Italy and Portugal.
“We are looking at markets that have a regulatory framework for socimis (REITs) that is compatible with ours,” representatives of Tander say. “Cities like Lisbon and Porto, which offer very attractive returns, fit into our strategy; they are mature markets or in consolidation and still have good opportunities,” they add.
In parallel, the socimi will continue its investments in the Spanish market, both in cities where it already operates and new ones. In total, Tander plans to invest between 30 million and 35 million euros this year.
Tander has eight assets in its portfolio, five of which are in Barcelona
Operated by a fund owned by the Canadian fund manager Première Alliance, the real estate company currently concentrates its investments in Barcelona, where it has five assets in prime areas of the Catalan capital. The fund’s sixth asset, which accompanied its debut on Madrid’s Alternative Stock Market at the beginning of 2018, is located in Santander. The value of Tander’s portfolio amounted to 80.3 million euros.
During the past year, the socimi allocated roughly 25 million euros to expand its portfolio. The group also improved its financial position by refinancing its debt and subscribing a new, €55-million loan.
Currently, after buying two stores in Bilbao and San Sebastian at the end of last year, the group has eight assets in Spain. Tander’s latest acquisitions included a 257 m2 property at 6 Gran Vía in Bilbao, which is currently occupied by Rituals, and 27 calle Arrasate in San Sebastián.
In Barcelona, the company owns 47 Via Laietana, rented to Banco Sabadell; 27 Paseo de Gracia, with Cos as a tenant; Cadena Ser’s Barcelona-based studios and offices at 6-20 Caspe and 15 Paseo de Gracia, rented to Barça. Lastly, Tander owns the property at 14 calle Calvo Sotelo in Santander, which is leased to Vodafone.
Socimis, ‘welcome’ to Portugal
Earlier this year, the government of Portugal approved a special legal framework, similar that of Spain’s socimis, known in Portugal as ‘investment and real estate management companies’ (SIGIs). The objective is to bolster the Portuguese real estate market, in particular for the rental market.
Forecasts for the market for Portugal’s new socimis run from a total of ran from 10 to 15 billion euros. The new regulations were applauded by Spanish executives, who argue that the system prevents opportunistic funds from hoovering up all the assets in a market that has increasing appeal for international investors.
Spanish real estate companies have become increasingly interested in Portugal in recent years. Just in 2018, groups such as MK Premium and Entrecampos made their first investments in the country, and companies such as Merlin and Hispania have already announced plans to expand their portfolios in Portugal.
Original Story: EjePrime – I. P. Gestal
Translation and editing: Richard Turner