Persán’s Owners Acquire 40% of Río 55 Business Park in Madrid for €70M

25 June 2018 – Eje Prime

A new business saga is investing in the Spanish real estate sector. The Moya Yoldi family, owners of the detergent manufacturer Persán, have invested €70 million in the purchase of 40% of the Río 55 Business Park in Madrid. For this operation, the Andalucían family has joined forces with Inmobiliaria del Sur (Insur), the office property developer, with which it has also signed a second agreement involving a prime residential project in Marbella (Málaga).

The owners of Persán, an integrated supplier of the supermarket giant Mercadona, has increased its commitment to the real estate sector through Concha Yoldi, the co-owner of the company together with her husband, José Moya, and the couple’s children: Juan, José and Francisco Javier, according to El Confidencial.

The saga has acquired a significant stake in Río 55, which already signed the sale of one of its two buildings to the fund manager AEW Europe in March. Insur forecasts that it will hand over the keys to the first tenants of the business complex next year. The two properties will span a surface area of 14,000 m2 each.

Likewise, the Andalucían family is also going to invest in its own region in partnership with Insur. Gestafin Global Investment, another of the real estate companies owned by the Moya Yoldi family, has acquired 40% of the luxury development that the real estate firm is constructing in Marbella. In total, 53 luxury apartments will comprise this project in the sought-after Costa del Sol, whose first phase has been underway since 2017. A third plan in the Sevilla residential market, where Insur is building 238 homes, completes the alliances that the family office has with the group.

A Socimi with the owners of Silestone and the founders of Goldcar

The presence of the owners of Persán in the property sector does not end with their individual investments. The Andalucían saga also shares ownership of a Socimi with other entrepreneurial families such as the Cosentinos, owners of Silestone, and the brothers Juan and Pedro Alcaraz, founders of the vehicle renting company Goldcar, now part of the giant Europcar.

Moreover, through Trajano Iberia, of which José Moya is president, the family owners a share of the Madrilenian Alcalá Magna shopping centre, for which the company paid €100 million last year, and a second in Portugal; an office building in the Spanish capital, in the Manoteras area, to be precise; a mixed-used property, for offices and shops in Bilbao; and a logistics asset in Zaragoza (…).

Original story: Eje Prime 

Translation: Carmel Drake

Trajano Iberia Goes Shopping For Offices, Retail & Logistics Assets

31 May 2017 – Eje Prime

Trajano Iberia, the Socimi managed by Deutsche Bank (…) is drafting a roadmap for its upcoming acquisitions, which will see it buy assets worth up to €100 million in Spain and Portugal, according to a statement issued by the Socimi. The company highlighted that it is looking for commercial properties, “primarily, offices, retail premises, shopping centres and logistics assets”.

Madrid and Barcelona will be in the spotlight of Trajano Iberia, which began to trade on the Alternative Investment Market (MAB) back in July 2015. The group has set itself the objective of spending “between €10 million and €100 million” on the acquisition of assets over the next few months.

The type of properties that Trajano Iberia wants to incorporate into its asset portfolio include: offices that need refurbishing or that are empty in prime and semi-prime areas of Barcelona and Madrid; prime offices and retail assets in Lisbon and Spain’s secondary cities; prime shopping centres in Spain’s secondary cities; and prime logistics centres located in the vicinity of transport hubs.

In this way, Trajano Iberia will be able to diversify its range of assets, given that until now, it has been more focused on buying large shopping centres in major cities in Spain and Portugal. One of the Socimi’s most recent purchases was the Alcalá Magna shopping centre, in Alcalá de Henares (Madrid), for which it paid Incus Capital €100 million. (…).

As at the end of 2016, the asset portfolio of the Socimi, chaired by José Moya Sanabria, was valued at more than €200 million and comprised four properties. The Socimi, which plans to increase its portfolio to more than €300 million before the end of the year, acquired its first property in October 2015 (…). A month later, in November, Trajano added the Nosso shopping centre, located in the Portuguese city of Vila Real to its collection of assets, for which it paid €54 million. Then in 2016, the Socimi acquired the Manoteras office building in Madrid, for €45 million. In the middle of last year, the group also bought the Plaza logistics park in Zaragoza, for €43.8 million.

Since its constitution in March 2015, Trajano Iberia has raised funds amounting to approximately €95 million. The administrators and managers of the company estimate a maximum investment period of 2 years (…).

Original story: Eje Prime (by C. Pareja)

Translation: Carmel Drake

Trajano Iberia Buys Alcalá Magna Shopping Centre For €100M

3 February 2017 – Expansión

The Socimi Trajano Iberia, which is managed by the real estate division of Deutsche Asset Management, has purchased the Alcalá Magna shopping centre from Incus Capital, for €100 million.

According to a statement released by the Socimi, the shopping centre is located in one of the main residential areas of Alcalá de Henares (Madrid). It has a commercial surface area of 34,165 m2, spread over two levels, and 1,204 parking spaces, spread over two underground floors.

Its tenants include high profile brands from the Inditex group, led by Zara, as well as several recent arrivals, such as Lefties, H&M, Mango, Mercadona, a Virgin Active gym and restaurant groups.

The space, constructed in 2007, has an occupancy rate of more than 95%, receives almost 5 million visitors a year and generates annual sales of around €64 million.

Following this operation, Trajano Iberia has now made investments amounting to €282 million since its launch in June 2015. It currently has five assets in its portfolio, with a total surface area under management of 151,000 m2.

This new investment takes the company to 100% of its investment capacity once again, following its second capital increase, which was carried out in October, amounting to €47.2 million.

For this transaction, the company was advised by Deloitte, JLL and Garrigues. The vendor was advised by CBRE and Dentons.

Original story: Expansión

Translation: Carmel Drake

Deutsche Bank’s Socimi To Buy Alcalá Magna Shopping Centre

23 January 2017 – Cinco Días

The Socimi Trajano, managed by Deutsche Bank, is finalising what will be its largest purchase since its creation in 2015. It is planning to acquire the Alcalá Magna shopping centre (Alcalá de Henares, Madrid) for €100 million.

Deutsche Bank is investing in Spain again and in a shopping centre once more. Whilst last year, it broke records through its vehicle Deutsche Asset Management’s purchase of  Diagonal Mar in Barcelona for €493 million, now it is planning to close its Spanish Socimi Trajano’s largest operation to date, by acquiring Alcalá Magna for around €100 million.

This shopping centre in Alcalá de Henares is currently owned by the Spanish fund Incus Capital, whose shareholders include Estanislao Carvajal, Álvaro Rivera and Alejandro Moya. The investment vehicle has assets amounting to €600 million in its portfolio and it spent €200 million on a dozen operations in 2016. In turn, Incus acquired Alcalá Magna from CBRE Global Investors two years ago.

Alcalá Magna was inaugurated in 2007, has a gross leasable area of 34,165m2 and employs around 500 people. It has 1,265 parking spaces and 94 stores, including H&M, Zara, C&A, Sfera, Cortefiel and a Mercadona supermarket. Moreover, almost 25% of its space is used for leisure and restaurant purposes.

For Trajano, the Socimi managed by Deutsche Bank, this will be its largest acquisition. Last October, the company successfully completed a €47 million capital increase “to be able to undertake additional investments amounting to between €95 million and €100 million”, according to reports by the company in a statement.

The company’s investment strategy focuses on: offices located in peripheral areas of Madrid and Barcelona and in prime areas of other cities; shopping centres that are in leadership positions and that generate recurrent cash flow; as well as logistics parks, primarily in Madrid, Barcelona, País Vasco and Valencia.

Trajano already manages €181 million in four assets, with a total managed surface area of 117,000 m2. It closed its last transaction at the end of last year, with the purchase of four logistics warehouses in Zaragoza for €42.9 million.

Original story: Cinco Días (by Alfonso Simón Ruiz and Pablo Martín Simón)

Translation: Carmel Drake

Incus Capital Finalises Sale Of 4 Shopping Centres

25 October 2016 – Expansión

Three years after arriving in the Spanish real estate market, the fund Incus Capital is getting ready to divest its positions, and whereby benefit from the boom in the market and reap the rewards of the investments it has made in shopping centres. Specifically, the fund is finalising the sale of four shopping centres for a total consideration of €150 million.

Incus is holding exclusive negotiations with Deutsche Bank regarding the sale of the Alcalá Magna shopping centre, located in the Madrilenian municipality of Alcalá de Henares, for €100 million. The German entity is turning its attention to these types of assets once again, after starring in the largest acquisition in the market so far this year with its purchase of Diagonal Mar (in Barcelona) for almost €500 million.

Profits

From the sale of Alcalá Magna, Incus Capital will generate significant profits just two years after acquiring the asset. Incus Capital bought Alcalá Magna for almost €82 million from the investment fund CBRE RPPSE, managed by CBRE Global Investors, in the summer of 2014. Alcalá Magna, which opened in 2007, has almost 100 retail units and a gross leasable surface area (GLA) of 35,000 m2.

The commercial complex, designed by the international studio Chapman Taylor, has many high profile tenants, including Zara, C&A, Cortefiel, Mercadona and Massimo Dutti.

In addition to Alcalá Magna, Incus Capital is going to sell another three shopping centres that it currently holds in its portfolio, namely: El Mirador de Cuenca, Alzamora in Alcoy (Alicante) and Los Alcores in Alcalá de Guadaíra (Sevilla). To this end, Incus is holding exclusive negotiations with the British fund Patron to sell those three assets for a combined price of almost €50 million. The operation is expected to close in December.

Incus was constituted in 2012 and its purchase of these three assets from Morgan Stanley for almost €30 million (80% less than Morgan Stanley paid for them in 2007) represented its first real estate operation in the country. El Mirador de Cuenca, inaugurated in November 2002, has a retail surface area of 24,723 m2 spread over four floors (two retail and two parking).

Los Alcores, which opened its doors in August 2003 in Alcalá de Guadaíra (Sevilla), has two shopping floors and one car park. Its two main tenants are Eroski and Cinesur. Meanwhile, Alzamora, which was inaugurated in Alcoy (Alicante) in October 2003, has three shopping floors, a Supercor and almost 600 parking spaces.

Original story: Expansión (by Rebeca Arroyo)

Translation: Carmel Drake