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

Bankinter & Sonae’s Socimi Buys Retail Asset For €4.7M

31 July 2017 – Eje Prime

The Socimi Ores is continuing its shopping spree in Spain. The real estate arm of Bankinter and the Portuguese firm Sonae Sierra is fattening up its asset portfolio in Spain with the purchase of a new retail space, on this occasion in Cádiz. The acquisition of the property, which is leased to the supermarket chain Aldi, has involved an investment of €4.7 million by the group, which was launched in February when it debuted on the Alternative Investment Market (MAB).

The Socimi, which started out without any assets in its portfolio, has been acquiring different properties over the last two months. The latest is located in Sanlúcar de Barrameda, in Cádiz, has a retail surface area of 2,085 m2 and can be found at number 13 on Avenida de Guzmán el Bueno.

“With this acquisition, which has been financed entirely using own funds, the company is continuing to fulfil the investment objectives set out in its Business Plan and in accordance with the financial parameters agreed with its shareholders”, say sources at Ores Socimi.

Another one of the most recent acquisitions undertaken by Bankinter and Sonae’s real estate investment vehicle involved an asset located in Oviedo that the company purchased in May. Located in the Montecerraro neighbourhood, the retail property is leased to Mercadona and has a surface area of more than 2,700 m2. Ores paid €5.8 million for that asset.

Also in May, the Socimi acquired the establishment that the German electronics chain MediaMarkt leases in Braga, in Portugal. That point of sale has a gross leasable area of 4,986 m2 and was acquired for €5.7 million.

Nevertheless, Ores made its debut purchase in April, when it acquired its first two real estate assets. The company, which invests only in retail premises, bought two stores located in the Artea and Galari retail parks in Bilbao and Pamplona, respectively, for which it paid €18.7 million. Both assets, which have a combined surface area of 8,400 m2, are leased to the sports equipment chain Forum Sport.

Ores is aimed at private banking clients. Although for the time being, its portfolio of assets is relatively small, the Socimi made its debut on the stock market with the aim of investing €400 million in high street premises, supermarkets, retail parks (up to a maximum surface area of 20,000 m2), bank branches and singular assets with long-term rental contracts and solvent tenants (…).

Ores was created from contributions made by Bankinter’s private banking clients (in other words, HNWIs) through a capital increase amounting to €196.6 million. In this way, the private banking clients and some institutional investors control almost 86% of the company’s share capital. The entity led by María Dolores Dancausa, meanwhile, has retained ownership of a 10% stake and Sonae Sierra owns just under 4%.

Original story: Eje Prime (by C. Pareja)

Translation: Carmel Drake

Mitiska REIM Acquires Portal Mediterráneo Retail Park

29 September 2016 – Real Estate Press

Yesterday, Mitiska REIM, the leading specialist investor in retail parks in Europe, announced its entry into the Spanish market with the acquisition of the Portal Mediterráneo retail park in Vinaroz.

It is the first of several acquisitions that Mitiska REIM plans to make in Spain over the next few months, as a result of the improvement in the macroeconomic environment and the increased interest from commercial operators in retail parks in Spain.

Portal Medierráneo is a retail park that has a gross leasable area of 12,400 sqm, spread over 11 stores leased to brands such as Jysk, Bricorama, Norauto and Sprinter, amongst others. Located in Vinaroz, on the east coast of Spain on the border between the Community of Valencia and Cataluña it has a catchment area of 130,000 people, which increases to 250,000 during the summer. Similarly, Portal Mediterráneo benefits from the tourists that visit this area and from its location in a major retail area, alongside several other large stores including: a Carrefour hypermarket, a Decathlon shop, an Aldi supermarket and a McDonald’s restaurant.

The asset has been acquired by an institutional fund recently launched by Mitiska REIM, known as First Retail International Fund 2 (FRI 2), which has received support and advice from Catella Asset Management Iberia.

Mitiska REIM has also announced the appointment of Christophe Mouton as its Director in Spain and Portugal. Christophe will be responsible for acquisitions, developments and the management of partnerships with property developers and investors in retail parks across Spain and Portugal, with a special focus on the development of new retail parks. (…).

Mitiska REIM is a private company specialising in fund management and real estate investments, which is headquartered in Brussels (Belgium). Mitiska REIM invests exclusively in the peripheral retail park sector in Europe, in accordance with its strategy of (co)-development and adding value. (…).

Mitiska REIM recently announced the second satisfactory closure of its First Retail International 2 Fund (FRI2) for €190 million, which significantly exceeds its original aim of €150 million. (…).

Original story: Real Estate Press

Translation: Carmel Drake