• Transaction / Assets
    Office building in Santander
  • Seller
  • Buyer
    Socimi Jaba
  • € MM
    4.95

Socimi Jaba acquires new Office Building in Santander For €5M

27 November 2017 – Eje Prime

The Socimi business is seducing investors from all over the world. Such is the case of Jaba, constituted with Jordanian capital, which is continuing to add assets to its portfolio. On this occasion, the company has purchased an office building in Santander, Cantabria, for €5 million, according to sources at the company, speaking to Eje Prime. Since the Socimi has been operating, its shareholders have invested €30 million in the purchase of assets.

Jaba formalised the purchase of this new asset on 8 November. Located in the ‘Parque Científico y Tecnológico de Cantabria’ (Cantabria’s Science and Technology Park), the building has required an investment of €4.95 million and has a surface area of 3,800 m2. The property also has 57 parking spaces.

According to the group, the asset is leased in its entirety to the international group Louis Berger, which specialises in the provision of global professional services and which is one of the leading engineering companies in the world. The financing has been obtained in the form of a mortgage loan with Banco Santander.

As part of the same act, the company also proceeded to refinance a mortgage loan on one of its buildings, located at number 37 on Calle María de Molina in Madrid, for €4.18 million. The new financing, which includes a mortgage guarantee over the building acquired in Santander and the aforementioned building in Madrid, where Jaba has its head offices, amounts to €7.1 million in total and is due to mature in November 2032.

The Socimi Jaba I Inversiones Inmobiliarias debuted on the MAB on 15 April 2016 with the aim of “raising own funds for the future growth of the company through the incorporation of new investors, and to place itself in a competitive position in the market to continue acquiring new assets”.

The company, which was constituted in 2014 to acquire unique real estate assets in the Spanish market, owns a real estate portfolio comprising properties in Madrid and Barcelona. Currently, the shareholders of the company are a family group from Jordan with extensive business experience in various countries in Europe and the Middle East.

Its assets include three office buildings located in the Spanish capital. The first is located at number 37 Calle María de Molina, which has a surface area of 1,753 m2 and which was acquired by the group in September 2013. It also owns another office building at number 125 Calle Arturo Soria, measuring 5,526 m2, and another one at number 27 Calle Sepúlveda in Alcobendas (Madrid), with a surface area of 9,950 m2.

In the Catalan capital, Jaba also operates an office building located in Cornellá de Llobregat (Barcelona), at number 147 Carretera Hospitalet, which has a surface area of 5,828 m2 (…).

In July, the Socimi proposed a capital increase to its shareholders to allow it to fatten up its asset portfolio. The majority of the real estate company’s shareholders voted in favour of the €13.4 million capital injection (…).

The Socimi Jaba’s next General Shareholders’ Meeting will take place on 1 December at the group’s corporate headquarters (…). At that meeting, the final decision will be taken as to whether the capital increase will be carried out in the end, as well as whether Tawfiq Shaker Khader will resign as the CEO of the company.

Original story: Eje Prime (by C. Pareja)

Translation: Carmel Drake

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