The Mexican Díaz-Estrada Family to Sell the Apple Store in Puerta del Sol

7 March 2019 – El Confidencial

The Mexican Díaz-Estrada family has decided to divest the building located at number 1 Puerta del Sol in Madrid, which houses one of the Spanish capital’s most sought-after tenants, the Apple Store. They are asking around €150 million for the property, which would represent a yield of just 2-2.5%.

According to sources consulted, an Israeli investor may have already reached an agreement to acquire the iconic building from Exacorp, the investment arm of the Díaz-Estradas, but the final details of the operation have yet to be confirmed.

Original story: El Confidencial (by Ruth Ugalde)

Translation: 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

Hyatt Returns To Madrid To Manage Hotel On Gran Vía, 31

10 March 2017 – Cinco Días

Hyatt is returning to Madrid. The hotel chain is coming back to the capital nine years after abandoning its role as the manager of Hotel Villa Magna. This week, the company has announced that it will manage the future hotel whose doors are going to open at number 31 Gran Vía, a property that is owned by the company Exacorp One, itself owned by the Mexican Díaz Estrada family.

The hotel chain will open an establishment there during the fourth quarter of this year, under the Hyatt Centric brand, according to a statement made this week by the firm. As such, it will become the first establishment to bear the hotel chain’s urban brand in Spain.

The future hotel will have 159 rooms, a restaurant called “Hielo y Carbón” (Coal and Ice) and a roof-top terrace, which will open during 2018. Jorge Díaz Estrada, Director of Exacorp, recognises that “the hotel’s central location, combined with its unique design, will attract business and pleasure travellers alike”.

In addition to this property, Díaz Estrada has entered Madrid’s real estate market with a bang in recent years with the purchase of several buildings. The most iconic property in its portfolio is Apple’s current flagship store in Puerta del Sol. In addition, the firm has acquired properties at numbers 25 and 27 Calle Montera.

Meanwhile, Hyatt’s return represents yet another boost for the hotel sector in the city. A real commitment from the international brands, which will be further strengthened by the arrival of Four Seasons in the Canalejas Complex and the W, which Starwood is going to open across the road. These establishments will encourage more international travellers and will, according to sources in sector, favour an increase in average prices for hoteliers.

In addition, a number of Spanish hotel chains have also strengthened their presence in the area in recent times. In this vein, Barceló has opened a hotel in Torre de Madrid, close to where Riu is expected to manage the future hotel in Edificio España. Meanwhile, NH, will open the doors to its new hotel on Gran Vía at the beginning of next year.

Original story: Cinco Días (by Laura Salces Acebes)

Translation: Carmel Drake