The Valencian ‘De Andrés’ Family Creates New RE Company

10 November 2015 – Expansión

The Valencian De Andrés family has grouped together all of its properties into a single company. It owns Louis Vuitton’s flagship stores in Madrid and Barcelona, amongst other iconic buildings.

A new real estate company is beginning its journey in the Spanish market. It is called Medcap Real Estate and it was created just a month ago, but it already owns assets worth €420 million. The origin of this prolific portfolio? The real estate investments built up by the Valencian De Andrés Puyol family over more than two decades.

“We are a family company, a newco, but with a 24-year history developing iconic retail projects”, explains Dimas de Andrés (pictured above), the CEO of Medcap Real Estate. “We have grouped together all of the assets that used to be spread across several subsidiaries into one new company, with the aim of specialising and growing more efficiently and more quickly”.

The new real estate company will continue to perform the activity that has allowed the De Andrés family to become the owners of some of the most important retail buildings in Madrid and Barcelona and to be the landlord of companies such as Apple, Desigual and Louis Vuitton. (…).

Currently, Medcap’s portfolio comprises 25 properties worth €420 million, according to the real estate consultancy Savills and the audit firm Grant Thornton. “Most of our properties are located in Madrid and Barcelona, but we also own some in Valencia and Murcia. They are all flagship stores and they are almost all rented out, with rental charges in excess of €2 million”, says Jorge Puyol, Head of the Retail Business at Medcap.

“We have always grown in an organic way and have always reinvested, which has allowed us to grow in terms of both investment volumes and number of assets”, adds De Andrés. 90% of Medcap’s portfolio has been acquired and developed between 2008 and 2015.


The family real estate company, which tends to work on two to three projects per year, is preparing to make new investments in the short term. “We have a very impressive pipeline of projects to invest in several properties in Madrid and also in Barcelona”, explains the CEO.

The new real estate company will have to compete with funds and Socimis for the best buildings, as those players are currently inundating the Spanish investment market. (…).


In terms of returns, “we expect to generate profits of around €40 million in 2016, in line with the historical average of the different subsidiaries over the last five years”, adds De Andrés.

With Medcap, the De Andrés family is also considering making investments overseas at some point in the medium term. (…).

However, Medcap has ruled out the possibility of becoming a Socimi. “That structure does not appeal to us because the requirements it imposes (of buying a building and then renting it out) are not compatible with our business model, since we do not always buy finished products”, says the CEO. “For the time being, we would rather operate as a boutique real estate company”.

Original story: Expansión (by Rocío Ruiz)

Translation: Carmel Drake