26 July 2017 – Eje Prime
A new fund is entering the Spanish market to achieve its objectives. Heraclès Investissement is joining the likes of Cogress, Blackstone, Shaftesbury and Thor Equities and is launching a subsidiary in the Spanish market, according to sources at the company. The acquisition of assets in Spain will help with the group’s international expansion plans, which include constructing a portfolio of assets worth €1,000 million by the end of next year.
Heraclès Investissement has opened its office at number 63 on Calle Velázquez, from where it will plot its adventures in the Spanish market. To this end, the fund has hired David Acea Lorenzo, former executive of companies such as Isolux and Tele2 Comunitel, as the Director General of the group in the country, which began its operations in the market in June.
The group, which focuses its activity on the development, investment and management of real estate assets, has created a corporate web in Spain to articulate its acquisitions. Heraclès Investissement has constituted Heracles Desarrollo, for the purpose of carrying out real estate developments, Heracles Gestión to administer real estate properties and Heracles Real Estate, through which it will articulate its purchases in the country.
In addition to these companies to manage and acquire its assets, Heraclès Investissement has also constituted a subsidiary with its first acquisition. The company has acquired the La Vega shopping centre, located in Madrid, which has a retail surface area of 9,000 m2 and an Alcampo supermarket measuring 18,000 m2. The group did not want to make public the price of that operation.
According to the group’s most recent results, Heraclès Investissement closed last year with an asset portfolio worth €353 million and its aim for this year is to almost double the value of its stock of assets to €700 million. Nevertheless, its more ambitious objective is to expand its portfolio to include assets worth €1,000 million by the end of next year.
The group owns commercial assets, offices and residential properties. Until now, Heraclès Investissement, which was founded in 2003, has invested €57 million in the acquisition of around fifteen commercial properties, which have a combined surface area of 15,569 m2 and which generate annual rental income of €5.2 million.
Heraclès Investissement’s block of residential properties comprises seven assets, most of which are located in France, and for which the group paid €60 million. Meanwhile, the group owns seven offices, according to the latest available data, and offices represent the segment in which the group has invested the most to date (€72 million) (…).
Original story: Eje Prime (by C. Pareja)
Translation: Carmel Drake