5 April 2018 – Expansión
The real estate manager Corpfin Capital Real Estate is accelerating its commitment to retail with the launch of a new Socimi through which it plans to invest €400 million in high street assets (retail premises at street level) between now and 2021. €200 million of that amount will proceed from own funds raised and the remaining from gearing.
The President and Founding Partner of Corpfin Capital Real Estate, Javier Basagoiti (pictured above), said that the fundraising process began in February and is expected to conclude in December or whenever the €200 million threshold is reached. In terms of investment timeframes, the manager calculates that the process will finalise in 2021 or whenever the target investment volume of €400 million has been reached.
In terms of the structure, this vehicle will comprise a Socimi from which four other Socimis will depend, in turn, which will be listed on the stock market, a formula known in the jargon as the “inverted comb”. The estimated date for the stock market debut of the four Socimis is September 2019.
Basagoiti explained that the objective is to acquire high street assets with a surface area of between 1,000 m2 and 2,000 m2, which involve, in many cases, the purchase of entire buildings that will require managing and will include mixed uses – residential, offices and hotels -. In any case, the value of the retail element of the asset must always exceed 60% of the total.
Corpfin is holding advanced negotiations to buy assets in País Vasco, Madrid and Valencia at prices ranging between €5 million and €52 million.
Original story: Expansión (by Rebeca Arroyo)
Translation: Carmel Drake