18/03/2014 – El Confidencial
More brick on the market. The appetite for the Spanish real estate property may finally bring the sale of Segurfondo Inversión FII´s assets to an end. The collective investment vehicle was launched by insurance companies (Aegon, Allianz, AXA, Catalana Occcidente, CNP, Mapfre, Zurich and other) clustered around InverSeguros, a financial services platform that in turn invests in the real estate sector through InmoSeguros. The latter cuts in prices and puts on sale a portfolio valued at €268 million.
The operation calls attention of the most active funds at present, such as Azora, Oaktree or Lone Star, and other like Altamar.
(…) Before, investors contacted the company only to acquire credit or office building lots, but now they want residential assets.
Segurfondo Inversión offers mixed-type assets. 62% of all its properties (€165 million) are dwellings, vast majority of them situated in the most distinguished districts of Madrid (Salamanca,Chamberí, Centro, Chamartín…). Similarly to other operators, such as Restaura, the real estate trust aims at buying old buildings, renovating them and re-selling (…).
Exactly one year ago, InverSeguros undertook a price slash strategy and gambled on flexibility in case of serious purchase offers, especially in the minor demand areas. (…).
InverSeguros estimates that the sale of all assets found in the liquidated fund´s books (flats, garage spaces, office buildings and trading premises) will have been accomplished by 15th March 2015. The company´s debt is not crushing and posts €21 million. (…).
Original article: El Confidencial (Carlos Hernanz)
Translation: AURA REE