Tag: Ana Granado

CorpFin Completes €10M Capital Increase for Inbest

8 April 2019 – Eje Prime

The Spanish fund manager CorpFin has completed a capital increase amounting to more than €10 million in Inbest Prime III Inmuebles and Inbest Prime I Inmuebles, two of its four vehicles specialising in retail.

Specifically, Inbest Prime III Inmuebles increased its capital by €2.33 million, taking the total subscribed amount to €12 million. Meanwhile, Inbest Prime I Inmuebles increased its capital by €8.22 million, resulting in a total subscribed amount of €25 million.

This latest injection of funding follows more than ten capital increases that the firm led by Ana Granado has carried out in recent months.

Corpfin launched Inbest Real Estate in April 2018 with the aim of investing in high street buildings and converting them into flagship stores. Inbest channels its investments through four vehicles, Inbest Prime I, II, III and IV, which will debut on the Alternative Investment Market (MAB) in September 2019.

The funds’ largest operation to date was its purchase of the retail premises in Edificio España last year, on which it spent €160 million.

Original story: Eje Prime (by I. P. G.)

Translation/Summary: Carmel Drake

Corpfin Capital Real Estate will Debut 5 Socimis on the MAB in 2019

26 September 2018 – Voz Pópuli

Corpfin Capital Real Estate Partners is planning to debut five new Socimis on the Alternative Investment Market (MAB) under the name Inbest before September 2019.

By the time they make their debuts, the Inbest Socimis will have an investment volume of almost €400 million. The Socimis intend to carry out investments with an average volume of between €50 million and €60 million to acquire properties located in commercial areas of Madrid and Barcelona, as well as in the main provincial capitals, and to provide them with added value and convert them into retail premises and flagship stores for major brands.

The management company of Inbest Socimis is currently in the process of becoming a management company that will be regulated by Spain’s National Securities and Markets Commission. It is chaired by Javier Basagoiti (pictured above), founding partner of the firm together with Carlos Lavilla and Patrick Gandarias. Basagoiti founded Corpfin Capital Real Estate in 2008 in conjunction with Felipe Oriol. Ana Granado, who joined the firm as the Managing Director last year, after working at Santander, Aguirre Newman and Deloitte, will lead the Inbest team, which will comprise 13 professionals in total.

Inbest will finish this year having raised €200 million during the year from various investors and plans to end its investment period in December 2021.

Corpfin Capital Real Estate’s real estate operations include the rental to Apple of its store in Valencia, a residential building that was renovated and whose use was modified to commercial, which was subsequently acquired by Pontegadea, the investment company owned by the Zara founder, Amancio Ortega; the renovation of a old bank branch in San Sebastián, which has now been converted into a shopping arcade that is home to major fashion labels; and the purchase of the premises that used to house the former Nebraska cafeterias in Madrid, establishments that are now occupied by McDonalds and VIPS.

Through Inbest, Corpfin Capital Real Estate wants to take advantage of the boom in the commercial real estate sector, which reported record investment figures in 2017.

The trend of the major brands is to occupy large retail spaces in the main shopping areas of cities, leaving smaller establishments and those set away from the prime areas, whereby opening a niche in the market in which Inbest is specialising. The consolidation of the e-commerce sector has also influenced this change in trend.

Original story: Voz Pópuli (by Alberto Ortín)

Translation: Carmel Drake

Corpfin Appoints Ana Granado as New CEO

27 February 2018 – Eje Prime

Corpfin Capital Real Estate has opted for an expert in corporate finance to lead the three investment vehicles that it has in place. The Spanish Socimi has hired Ana Granado (pictured below) as the new CEO of the company.

Granado previously held positions of responsibility at Aguirre Newman and Deloitte. At the real estate company, the director led the corporate finance team for six years and at the consultancy firm, she served for five years as a director of financial advisory in the real estate sector. Moreover, the executive previously worked as an analyst at Santander Investment in the corporate finance department.

Granado is a RICS member and holds a degree in Business Administration and Management, as well as a Masters in Management Skills, both from the Universidad Comercial de Deusto. Moreover, she has completed the Advanced Program in Corporate Finance at the IE Business School.

Corpfin finished 2017 by making new asset purchases for its portfolio. In December, through its vehicles Corpfin Capital Prime Retail II Socimi and Corpfin Capital Prime Retail III Socimi, it acquired two commercial premises, located in Madrid and Vitoria, as reported by Eje Prime. The company is going to invest in up to fifteen more assets and thus plans to spend €100 million between the two vehicles.

Moreover, the company also operates in the real estate business with its vehicle CCPR Retail Parks. That fund targets retail products, primarily medium-sized spaces, with a high management component. According to the group, for that fund, the estimated diversified investment will involve between 12 and 14 operations with an average investment volume of €3 million for each operation, including land, capex, acquisition and marketing costs. Until now, the fund has committed half of its planned investment.

Original story: Eje Prime

Translation: Carmel Drake