Socimi Tander Signs a €55M Loan to Finance New Purchases

11 June 2018 – Eje Prime

Tander Inversiones wants to continue nurturing its asset portfolio and for that it requires capital. The company, owned by a fund in which the Canadian manager Première Alliance holds a stake, has just signed a €55 million loan to carry out new purchases, according to explanations provided by Clara Casales, Property Manager of the Socimi, speaking to Eje Prime.

Last week, the company agreed, under the framework of its Ordinary General Shareholders’ Meeting “to repay and cancel the debt that it has subscribed to date, also cancelling all of the guarantee instruments relating to it, with the aim of refinancing, expanding and unifying the company’s debtor position under a new financing arrangement amounting to €55 million”, explain sources at the Socimi.

Tander will allocate these new funds to the purchase of new assets in the Spanish market. The Socimi has established an investment plan of up to €25 million for 2018 with the aim of expanding to more cities in Spain, with Madrid as a priority, according to comments made to Eje Prime. Tander’s objective is to purchase between three and four assets this year.

The Socimi concentrates its current investments in Barcelona, where it has five assets in prime areas of the Catalan capital. The sixth asset in the portfolio with which it leapt onto the Alternative Investment Market at the beginning of 2018 is located in Santander. When it rang the bell, the value of Tander’s portfolio amounted to €80.3 million.

Now, Tander’s aim is to expand its investments to the main cities in Spain. Some of the areas that the Socimi is analysing include Bilbao, Valencia, Sevilla and San Sebastián, although it is also interested in Málaga and A Coruña. Tander is analysing different operations, but it does not have anything identified yet.

From Vía Laietana to Paseo de Gracia

Tander’s current portfolio in Barcelona is distributed around the main shopping area of the Catalan capital. The Socimi’s largest asset is an office space at number 6-20 Calle Casp, which has a surface area of 3,457 m2. It houses the offices of Cadena SER, owned by Grupo Prisa, just above the Teatro Tívoli.

Very close by, at number 15 Paseo de Gracia, the manager owns a retail premise measuring 527 m2, which is currently leased to FC Barcelona, which has opened a flagship store there. On the same street, at number 27, the Socimi leases a 792 m2 store to the Cos brand, part of the H&M group.

Tander completes its portfolio in the central area of Barcelona with part of number 47 Vía Laietana, an office building in which the Socimi leases 1,100 m2 to Banco Sabadell. This financial institution also leases a 155 m2 branch at number 171 Travessera de Gracia, which is also owned by Tander Inversiones.

Original story: Eje Prime (by Custodio Pareja)

Translation: Carmel Drake