Tag: Alcorcón

Vivenio Finalises Purchase of 5 Assets in Madrid for €130M

2 March 2018 – Eje Prime

Renta is pampering the Socimi that it owns jointly with APG. The Socimi Vivenio currently has committed investments worth €130 million in five residential assets in Madrid and is expecting to increase its investments to €250 million in the short term, according to explanations provided by sources at the company. Its objective for the next five years is to reach an investment volume of €1.5 billion.

Although, for the time being, the company does not want to disclose the specific location of its latest assets, they may be located on the outskirts of the Spanish capital, which is where all of the properties that Renta’s Socimi has purchased in recent months are situated.

Last week, Vivenio announced an investment of €13.5 million to purchase more than 100 residential homes in a development by the Suquía Group. The Catalan manager reached an agreement with the Guizpuzcoan property developer, which has been immersed in bankruptcy proceedings since 2015 (…).

Those purchases are in addition to the acquisition plan that Vivenio has underway. The Socimi plans to invest in assets worth €1.5 billion in Madrid and Barcelona, primarily, with a minimum investment ticket per operation of €10 million.

Originally known as Rembrandt, Vivenio has already invested almost €100 million in the purchase of 1,152 homes, exclusively in Madrid and the surrounding area. For the time being, the company, which also plans to undertake operations in Barcelona, has not entered the Catalan capital.

Before the end of 2017, Vivenio purchased three residential buildings in the Madrilenian towns of Alcorcón and Campo Real, comprising 166 apartments in total. The assets acquired are distributed across one building in Alcorcón, comprising 139 homes, and two others in Campo Real, with 27 homes, as well as 173 parking spaces and 141 storerooms.

In addition, Renta Corporación and APG are going to debut their Socimi on the stock market in 2019. The company has already made itself known in the real estate market by hiring Borja Lamana, formerly of Santander and Azora, who it appointed as the Head of Asset Management in January.

Original story: Eje Prime (by C. Pareja)

Translation: Carmel Drake

Corpfin Buys 2 Retail Premises in Madrid & Vitoria

11 December 2017 – Eje Prime

The Socimi Corpfin is continuing to add new assets to its portfolio. The company, through its vehicles Corpfin Capital Prime Retail II Socimi and Corpfin Capital Prime Retail III Socimi, has purchased two retail premises in Madrid and Vitoria, according to a statement issued by the company.

At the end of November, Corpfin formalised the purchase of a store located at number 15 Calle Posats in Vitoria. The acquisition of that asset involved an investment of €1.06 million.

In Madrid, the company has also grown its portfolio of retail assets. In September, the Socimi acquired the store at number 68 Calle Velázquez from Banco de Madrid. That operation, whose consideration has not been disclosed, was formalised through a mortgage with CaixaBank and the company’s own funds.

Corpfin Capital Prime Retail Assets Socimi operates with the vehicles CCPR II Socimi and CCPRIII Socimi, raised in 2013 and 2014, respectively, with an estimated lifespan of between six and seven years.

According to the company, “the two vehicles will invest in around fifteen assets, with a maximum investment amount per asset equivalent to 15% of the total of the funds”. “The forecast combined total investment is €100 million, split between CCPR II, with €30 million and CCPR III, with €20 million, and a target leverage rate of 50%.

Moreover, the company also operates in the real estate sector through its vehicle CCPR Retail Parks. That fund specialises in retail assets, primarily retail parks, involving a high management component. According to the group, the estimated diversified investment for that fund is between twelve and fourteen operations, with an average investment volume of €3 million per operation, including land, capex, acquisition costs and marketing. To date, the fund has committed half of its planned investment.

Corpfin’s most recent operations through CPRP have involved the purchase of a plot measuring 4,345 m2 from the General Foundation of the Universidad Complutense de Madrid. For now, Corpfin has signed a contract to open an Aldi supermarket on that site, which will occupy a surface area of more than 1,200 m2 and which will be that chain’s first establishment in the municipality. The remaining land is still being marketed.

Other operations carried out by the fund are the Las Moruchas Retail Park in Ávila, inaugurated in June 2016, and the construction of a new retail complex in Alcorcón (Madrid), which is currently under development.

Original story: Eje Prime (by C. Pareja)

Translation: Carmel Drake

Renta Corporación’s Socimi Will Soon Own Almost 1,000 Homes

26 October 2017 – Expansión

€170 million / The vehicle has acquired three buildings already and is currently finalising the acquisition of another three, all in the Madrid area.

Renta Corporación’s Socimi, created in April together with the Dutch pension fund APG, has already invested €75 million in the purchase of residential buildings and is preparing to spend another €95 million on three operations that it plans to close within the next month, in the areas of Aravaca, Vallecas and Alcorcón (Madrid). In total, in just over six months, the entity will have purchased six buildings, all in the Madrid area, containing 986 homes and with an occupancy rate of 90%.

The aim of the Socimi, which has been baptised with the temporary name Rembrandt and which will be renamed over the next few months, is to acquire residential buildings located primarily in Madrid and Barcelona, but, occasionally, in other Spanish cities. “All of the operations have been closed in Madrid so far, but that is down to chance, not design”, said the CEO of Renta Corporación, David Vila, yesterday, who assured the market that “(its choice of investment location to date) has nothing to do with the political conflict”, but rather with the smaller size of the market in Barcelona and the greater complexity involved in finding assets for sale.

The Socimi, in which APG owns a 97% stake and Renta Corporación holds the remaining 3% stake, is managed by the latter. The vehicle has committed capital of €130 million and plans to undertake acquisitions in the short term amounting to €250 million. Within two years, when the Socimi plans to make its stock market debut, it expects to have invested more than €1,000 million in properties.

The assets that it has already acquired include a complex of 156 homes in Aravaca (Madrid). The Socimi spent €50 million on the asset, which had an occupancy rate of 51%, with the intention of placing it at full capacity over the next few months.

The other two operations undertaken by Rembrandt correspond to two residential complexes in Navalcarnero and Rivas-Vaciamadrid, involving 335 rental homes, where it has spent €25 million in total.

Original story: Expansión (by Marisa Anglés)

Translation: Carmel Drake

Ikea Sells Former Store In Alcorcón To International Investor

5 April 2017 – Inmodiario

Ikea has completed the sale of a plot measuring 38,700 m2 in Parque Oeste Alcorcón (Madrid) to an international investor group. The plot houses a single property, with a constructed surface area of 22,500 m2, located in one of the most powerful retail parks in Spain. Previously, it housed the Swedish company’s first store in Madrid, inaugurated in 1996.

“This sale successfully completes the process to relocate our operations to a new store, also in Alcorcón, which is larger in terms of size and capacity. It also represents a boost to our financial situation and further strengthens the development of our activity in Spain. The current store, opened in June 2016, is the largest in the market in Madrid and has represented a significant innovation in terms of space, services and improving the purchasing experience”, said Ignacio Navarro, Head of Expansion at Ikea Ibérica.

Meanwhile, Yola Camacho, Partner in Capital Markets at Cushman & Wakefield España said: “This is a major operation for the retail park market, given its excellent location, in one of the best retail parks in Spain, and it shows the high degree of interest that exists for assets of this kind. In addition, through our advice and commercial knowledge, we have been able to help Ikea optimise the sale operation”.

Original story: Inmodiario

Translation: Carmel Drake

Corpfin Capital Will Build New Retail Complex In Alcorcón

19 October 2016 – Inmodiario

Corpfin Capital Retail Parks, a vehicle managed by Corpfin Capital Real Estate (CCREP) has acquired a plot of land in the municipality of Alcorcón, in the Community of Madrid. The plot has a surface area of 13,501 sqm and an above-ground buildable area of 8,000 sqm. It is located on the main avenue of Ensanche Sur, a new development area in the town.

The objective of the investment vehicle is to construct a retail complex that it hopes will bring life to a neighbourhood that does not currently have any retail offering. The project forecasts an investment, including land purchase and construction costs, of approximately €11 million.

The vehicle has already signed a contract with Supermercado Simply to open a 4,000 sqm store on the site. The rest of the complex (the remaining 4,000 sqm) is still being marketed and advanced negotiations are being held with several operators.

The firm considers this project to be an important stimulus for the area, given that it expects it to create around 100 direct jobs.

Corpfin Capital Retail Parks was created with the aim of acquiring land in Spain, on which to manage, develop and construct shopping centres (Retail Parks) and to subsequently lease the assets to first rate operators.

The vehicle, which has an investment capacity of almost €45 milliion, represents a way of allowing Corpofin Capital Real Estate to diversify its business, which has been focused until now on the acquisition of prime retail premises in Spain’s main cities. In this way, the company is backing a different niche in the market, namely: retail parks.

This represents the vehicle’s second operation and its first in the Community of Madrid, following the inauguration of the Las Moruchas Retail Park in Ávila in June. (…).

Original story: Inmodiario

Translation: Carmel Drake

MoD Opens The Bidding For ‘Campamento’ Land

27 April 2015 – Expansión

Auction worth more than €200 million / The Government is launching an auction process to sell a plot of land measuring 1.5 million square metres in Madrid, where the Chinese millionaire Wang Jianlin wants to construct luxury homes, hotels and casinos.

The Spanish Government has decided to refloat the so-called Operación Campamento just seven months before the general election. Today, the Ministry of Defence, the main owner of the land in the area measuring more than 1.5 million square metres, has officially put the plot, measuring 1,550,576 square metres, up for sale on the real estate portal Admeet.

The land, located in the south-east of Madrid, is the preferred location of the Chinese tycoon Wang Jianlin, owner of the business conglomerate the Wanda Group, to construct a mega-project containing thousands of homes, a retail complex, theme parks and casinos.

Negotiations

Jianlin, who officially closed the purchase of 20% of Atlético de Madrid’s share capital in January, has been negotiating with the Town Hall and Community of Madrid for months, to identify a location for his residential and leisure complex in the capital. Previously, in June 2014, he bought Edificio España from Banco Santander for €265 million, which was his first transaction in the Spanish market.

In January, when he signed the deal to acquire a stake in the Madrid football club, Jianlin took the opportunity to reiterate his interest in acquiring the land that is now up for sale. The plot housed the Ministry of Defence’s barracks in Madrid for many years.

Wang Jianlin is willing to invest €3,000 million in this project. To do that, the first step will be to acquire the land. By law, this purchase must be made through a competitive process since it involves a public asset.

“The interested parties must participate in a transparent and competitive auction process, in accordance with state legislation for the sale of property”, says the advert.

Auction

The auction of the land by the Ministry of Defence will be led by Pedro Morenés. The plot measures around 1.132 million buildable square metres and the vast majority has been marked for residential use (986,710 square metres). Subsidised and non-subsidised housing may be built on the site.

Wanda’s goal is to construct up to 15,000 high-end homes, with prices of around €4,000 per square metre. Moreover, offices, retail spaces and leisure complexes may also be built on the site. Wang Jianlin wants to use this land to create a leisure complex, similar to the ones he has constructed in Asia. For the time being, the Ministry of Defence has only released information about the land, and has not set a date for the auction or specified a minimum price.

Minimum price

However, sources in the sector estimate that the Government may set the minimum price at just over €200 million, an amount that is expected to be surpassed both by Wang Jianlin’s bid, as well as by the bids made by other interested parties.

The seller has not revealed the auction date, which may be determined by the timings of the local and general elections due to be held in May and November, respectively. To date, the current President of the Community of Madrid, Ignacio González, has shown his willingness to collaborate with the Chinese businessman, following the decision by the US billionaire Sheldon Adelson to abandon the Eurovegas project in Alcorcón.

Original story: Expansión (by R. Ruiz)

Translation: Carmel Drake