Deutsche Bank Puts its Socimi Trajano Iberia Up for Sale

9 October 2018 – Eje Prime

Trajano Iberia is up for sale. The Socimi, managed by the real estate investment division of Deutsche Asset Management, has expressed its willingness to receive offers to assess the possible sale of its shareholding, according to a statement filed by the company with the Alternative Investment Market (MAB). Trajano controls the Alcalá Magna shopping centre, for which it paid €100 million in 2016.

The listed company has requested the services of Credit Agricole Corporate and Investment Bank to sound out the market. The group has expressed its desire to find out about “the potential interest in purchasing shares that represent more than 50% of its share capital”.

Trajano Iberia recorded net profits of €2.63 million between January and June 2018, compared with €3.5 million during the same period in 2017. Despite the decrease in its net result, the listed company recorded revenues of €983 million during the first half of the year, up by 11.7% compared to the same period in 2017.

The Socimi, in which the Alcaraz family, the founders of the vehicle renting company Goldcar, holds a 10.5% stake, currently has five real estate assets in its portfolio: a mixed-use commercial and office building in Bilbao; a shopping centre in Portugal; an office complex in the north of Madrid; four logistics warehouses on the Campus Plaza industrial estate in Zaragoza; and a shopping centre in Alcalá de Henares (Madrid).

Trajano Iberia’s last major acquisition was its purchase of the Alcalá Magna shopping centre at the end of 2016. The company disbursed €100 million to acquire that asset located in the Spanish capital, which has a gross leasable area (GLA) of 34,165 m2 distributed over two levels.

The space, constructed in 2007 and with an occupancy rate of 95%, receives almost 5 million visitors per year and accumulates annual sales of around €64 million. Its tenants include firms such as Mercadona, Grupo Inditex and Mango, amongst others.

The company, which made its stock market debut in July 2015, reordered its Board of Directors in April. The company appointed Luis Antoñanzas, one of those responsible for the entity’s great fortunes, as CEO following the resignation of Carlos Gálvez Díaz de Bustamante, according to explanations provided by the group at the time.

Since then, Trajano Iberia’s Board has comprised 11 representatives, including José Moya, Chairman of the Board,  Vicente Fernández and Brigit Gabriele, as representatives of Deutsche Bank. Moreover, the Socimi’s management body includes representatives from companies such as Alcor, Dogalcar, Falagal and CNP Partners.

Original story: Eje Prime 

Translation: Carmel Drake

Deutsche Bank Acquires L’Aljub Shopping Centre in Elche for €170M

8 May 2018 – Expansión

Deutsche Bank is increasing its commitment to the Spanish retail sector by adding the L’Aljub shopping centre in Elche to its portfolio of assets in Spain.

Specifically, the German bank has signed an agreement with the fund Seva (Southern European Value-Add Mandate), managed by TH Real Estate for the investors TPG Real Estate – the real estate platform of the international manager TPG – and Partners Group, for €170 million.

The operation has been advised by the consultancy firm Cushman & Wakefield, which has worked with the vendor, whilst CBRE has advised on the buy side.

With this acquisition, the entity is strengthening its position in the commercial sector in the country. In August 2016, Deutsche Bank purchased the Diagonal Mar shopping centre from Northwood for €495 million. That operation was the second largest transaction ever closed in the shopping centre sector in Spain, after the purchase of Xanadú.

Moreover, Trajano – the Socimi managed by Deutsche Bank – purchased the Alcalá Magna shopping centre from Incus Capital for just over €100 million at the beginning of last year. In addition, the firm also owns the Salera shopping centre in Castellón de la Plana.

The L’Aljub shopping centre was inaugurated in 2003 and spans more than 60,000 m2, spread over two floors and with a large underground car park.

Besides the commercial and leisure offering, L’Aljub is home to an Eroski hypermarket on the ground floor.

Specifically, the shopping centre contains 120 shops and has 3,200 parking spaces. Its most high-profile tenants include Inditex, H&M, Primark, Mango and Cines ABC.

Original story: Expansión (by Rebeca Arroyo)

Translation: Carmel Drake

Goldcar’s Founders’ Socimi Earns €4.4 Million in 2017, Up 45%

27 March 2018

Trajano had a turnover of €18.7 million in 2017, double that in 2016. Its asset portfolio already has a value of 326 million euros.

The Alcaraz brothers’ socimi is on the right track. Trajano Iberia Socimi, managed by the real estate investment division of Deutsche Asset Management, closed 2017 with a net profit of 4.4 million euros, increasing its year-on-year profit by 45%, according to the company’s disclosure to the Alternative Stock Market (MAB).

The Alcaraz brothers, the founders of the Goldcar vehicle leasing company, hold a 10.5% stake in the publicly listed company. The socimi closed last year with a gross operating profit (EBITDA) of 12.6 million euros, twice the amount in 2016.

Trajano’s gross asset value in portfolio (GAV) rose to 326 million euros in 2017, while the net value (NAV) reached 12.5 euros per share, an increase of 25%.

After its acquisition of the Alcalá Magna shopping centre in February of last year, the socimi is one hundred percent invested. The company currently has five “maximum quality” operating assets, with a leasable area of almost 151,000 square meters and an occupancy rate of 98%.

In addition to Alcalá Magna, the company manages the following assets: Parque Logístico Plaza in Zaragoza; the Echevarría building in Bilbao; the Nosso shopping centre in Vila Real, Portugal; and the Isla de Manoteras business park in Madrid.

The company’s net financial debt on the value of its assets amounted to 138.7 million euros at the end of 2017, a figure significantly higher than the 42.1 million euros on December 31, 2016.

Original Story: EjePrime

Translation: Richard Turner

CBRE GI Puts Berceo Shopping Centre (Logroño) Up For Sale

25 October 2017 – Expansión

Real estate activity involving shopping centres is proving unstoppable. The fund manager CBRE Global Investors (CBRE GI) has hung the “for sale” sign up over the Berceo shopping centre, located in Logroño (La Rioja) and has engaged the consultancy firm CBRE to look for potential buyers for the asset. The shopping centre, which opened its doors in November 2003, is worth around €105 million, according to explanations provided by market sources to Expansión.

Berceo has a gross leasable area of 34,072 m2 and more than 2,600 parking spaces. The shopping centre recorded sales of €62 million in 2016, up by 9% compared to the previous year, and closed the year with 6.1 million visitors, up by 0.12% YoY. Its tenants include a number of Inditex brands, such as Zara and Pull&Bear, as well as Primark, El Corte Inglés and Media Markt. Moreover, Berceo has a Yelmo cinema and restaurant space with operators such as Foster’s Hollywood and Burger King.

With this operation, the manager is taking advantage of investors’ interest in the retail segment and, specifically, in shopping centres, to finish liquidating the portfolio of assets it inherited as a result of its acquisition of the European business of ING Real Estate, the Dutch bank’s property arm, in 2011.

Real estate investment in shopping centres amounted to a record-breaking €3,700 million in Spain in 2016. So far this year, €2,300 million has been invested in these types of assets.

Divestments

As part of that divestment strategy, CBRE GI sold off the Urbil shopping centre in Guipúzcoa and half of the Asturias Parque Principado shopping centre in 2013 – the other half was owned by Sonae Sierra. A year later, it sold Gran Vía de Vigo, Moraleja Green and Alcalá Magna, the latter two are located in Madrid.

In parallel, CBRE GI has been very active on the buy-side in recent months. Specifically, in May, the company acquired 70% of the H2O Rivas shopping centre – located in Rivas-Vaciamadrid (Madrid)– from Alpha Real Trust, which retained the remaining 30% stake. Beyond the shopping centre sector, in September, the manager teamed up with AXA IM Real Assets to purchase the student hall of residence company Grupo Resa.

The manager has approximately €3,100 million in assets under management in Spain and Portugal. Twenty of those assets are shopping centres.

Original story: Expansión (by Rebeca Arroyo)

Translation: Carmel Drake

French Guru To Build Giant Shopping Centre In Torrejón

25 April 2017 – El Confidencial

After four years of negotiations, the French multinational Compagnie de Phalsbourg has received the definitive green light to launch its first project in Spain. And it’s going to be a giant, with a gross leasable area of more than 100,000 m2, which promises to revolutionise the nature of shopping centres in the country.

The project will comprise an Open Sky complex and The Village outlet, two concepts that the French group has decided to combine in the same space for the first time in their history. Last week, the Town Hall of Torrejón de Ardoz granted the construction licence for the former, which had already received its urbanisation permit and, just three weeks ago, ING sold the French company the adjoining plot for the development of the outlet.

With these two milestones under its belt, Compagnie de Phalsbourg has put its foot down on the accelerator to begin construction of Open Sky next month and has already started marketing The Village. The aim of these two parallel lines of action is to inaugurate the complex in time for Christmas 2018 and to bring a new shopping centre concept to Spain, with the architecture taking on a starring role, including vast green spaces and water games.

The project presents a real challenge for this area in the northeast of Madrid, which just a few weeks ago saw the rejection of another major investment that had planned for this area, Cordish’s new Eurovegas, by the President of the Community, Cristina Cifuentes. The French group’s project, on the other hand, has already received the blessing of the local administration, which will allows it to enter and compete at the height of a period of transformation in the sector, following changes of ownership and the relaunch of Plenilunio, Cuadernillos and Alcalá Magna, as well as the upcoming sale of Parque Corredor.

The new Open Sky, designed by the architect Gianni Ranaulo, will be an outdoor shopping centre, with a gross leasable area (GLA) of 80,000 m2, containing 100 stores and 3,500 parking spaces, where numerous fashion houses will sell their wares along a walkway measuring more than 1.5 km The site will also have a navigable central lake, where light and water games will be held.

New giant

50% of the retail space has already been leased to firms such as Merkal, Adidas, Reebok, Soloptical, Kiwoko, Orchestra, Druni and Movistar, and an agreement with the Inditex giant is pending confirmation. (…).

Meanwhile, The Village, an outlet designed in the style of a villa by Philippe Starck, will cover a surface area of 22,000 m2 and will house 120 stores and restaurants, and 1,500 parking spaces. (…).

With these two developments, in which Compagnie de Phalsbourg plans to invest more than €100 million, the French group is beginning its expansion plan in Spain, where it plans to spend more than €500 million launching around half a dozen new projects over the next few years.

Founded in 1989 by Philippe Journo, the French group owns assets amounting to €1,240 million, as well as shopping centres (in operation) covering 600,000 m2, and shopping centres under construction covering 350,000 m2 in France. With rental income of €72 million per year, the company focuses its activity on the development, management and sale of both shopping centres and residential complexes (…).

Original story: El Confidencial

Translation: Carmel Drake

ING Granted €1,000M In Loans To RE Sector In 2016

21 March 2017 – El Confidencial

ING has returned to the Spanish real estate market with a bang. The Dutch bank, which was one of the main foreign players in the years before the bubble, has become one of the most active entities in terms of financing in this market, which has taken an about-turn over the last two years.

Last year alone, ING Real Estate Finance granted financing amounting to more than €1,000 million to 13 different real estate operations, ranging from the purchase of offices, shopping centres and logistics assets to corporate refinancing agreements.

The most high-profile deal was the acquisition of Torre Espacio by Grupo Emperador, the Philippine holding company to which ING granted a syndicated loan amounting to €280 million in February last year. That loan has a 7-year term and represented a turning point in the entity’s commitment to this market.

A few months later, the bank, which is now led by César González-Bueno, also participated in the most important corporate operation ever recorded in the sector, the merger between Merlin and Metrovacesa, by granting €170 million to the Socimi and €200 million to the real estate firm.

By the time that merger happened, ING had already financed several operations for Merlin, such as, for example, the acquisition of a portfolio comprising seven logistics assets with a €67.9 million loan over five years, which was signed in January 2016.

Other giants in the sector that have also received support from ING over the last year include GMP, with corporate financing amounting to €75 million, and Axiare, to which the Dutch bank granted a €75 million loan to acquire the building located on Calle Almagro, 9 in Madrid.

The entity’s commitment to the real estate market spans the whole Iberian Peninsula, including Portugal, as the bank showed when it granted €50 million to the Vasco de Gama shopping centre, in Lisbon, which is owned by Sonae Sierra and CBRE GI.

And it was specifically in the shopping centre segment where the entity has closed its first major operation of 2017, granting a €57.5 million syndicated loan over 7 years to Trajano Iberia, funds that have been used almost in their entirety (€55 million) to finance the acquisition of Alcalá Magna.

“This operation strengthens the position of the Real Estate Finance area in the core asset segment, such as high quality offices, shopping centres and logistic assets. Our intense level of activity has allowed us to start 2017 as market leaders”, said Julián Bravo, Head of Real Estate Finance for Spain and Portugal.

Original story: El Confidencial (by Ruth Ugalde)

Translation: Carmel Drake