Socimi Vbare Hires Former PwC Director as its New CFO

7 May 2018 – Eje Prime

Vbare is strengthening its leadership team. The Socimi has recruited Alberto García, former director of the audit firm PwC, as its new CFO, according to a statement issued by the group.

García de Novales has extensive experience in the real estate sector given that, as well as having performed financial audits of companies in the sector for many years, he has also formed part of the finance team at the Socimi Autonomy Spain Real Estate since September 2015.

Prior to his incorporation into that company and since the beginning of his professional career, in 2009, García de Novales was a member of PwC’s audit division in the construction and real estate sector, working in both the Madrid and Luxembourg offices.

In recent months, Vbare has carried out a capital increase amounting to €7 million and in 2017 it recorded profits of €2.2 million. Vbare is currently immersed in a new capital increase process with the aim of expanding its existing portfolio in the future.

Original story: Eje Prime 

Translation: Carmel Drake

The Riberas Family Buys Gran Vía 4 from Socimi Autonomy Spain

21 December 2017 – Eje Prime

Autonomy Spain Real Estate owns a portfolio comprising two buildings: Omega, located in Madrid, and Pallars, located in the 22@ district of Barcelona.

The Riberas family is gaining weight in the real estate sector. The owners of Gestamp and Gonvarri have acquired an office building located at number 4 Gran Vía for €43 million. The property was owned until now by the Socimi Autonomy Spain.

The price paid by the Riberas family is 40% higher than the most recent valuation of the building and more than double the amount paid by the fund, according to El Confidencial. The Riberas family has undertaken this operation through its holding company Acek Desarrollo y Gestión Industrial, with the aim of moving into the building shortly.

Through Acek, the brothers Jon and Francisco Riberas control the largest industrial group in Spain, whose flagship brands include the automobile component manufacturer, Gestamp, a listed company with a market capitalisation of €3.378 billion, and the steel company Gonvarri.

Autonomy Spain Real Estate owns a portfolio comprising two buildings, Omega, located in Madrid, and Pallars, located in the 22@ district of Barcelona. The company was created in 2012, with the aim of analysing investment opportunities in the Spanish real estate sector. The main objective of the company is the acquisition and management of the highest quality properties in prime locations.

Original story: Eje Prime

Translation: Carmel Drake

BlackRock Increases Stake In Merlin & Invests In Lar

25 September 2015 – Cinco Días

The fund BlackRock has strengthened its commitment to the Spanish Socimis, by increasing its stake in Merlin Properties to exceed the 5% threshold and by acquiring a stake in Lar España, snapping up 3.41% of the company’s shares.

In this way, the fund now has a combined total investment worth approximately €200 million in these two companies, based on the respective, current prices of the two companies on the stock market.

Specifically, BlackRock has increased its stake in Merlin from 3.20% to 5.516%, according to the register of Spain’s National Securities Market Commission (CNMV).

The fund increased its shareholding in Merlin, currently valued at €188 million, after the Socimi took control of Testa, the former subsidiary of Sacyr. Merlin, which is led by Ismael Clemente, plans to merge with Testa and whereby create the largest real estate company in the country, with total assets worth more than €5,000 million.

UBS also holds a stake of around 4% in this listed company.

Meanwhile, the shareholding acquired in Lar España is worth around €18 million. In this case, BlackRock joins several other investment funds and companies that already hold shares in the Socimi, such as Franklin Templeton Institutional, Pimco, Ameriprise Financial and Bestinver.

This summer, Lar España closed a €135 million capital increase and it will use the funds to continue its growth plans through the purchase of new assets.

Corpfin’s debut on MAB

Meanwhile, Corpfin Capital Prime Retail, the Socimi that manages retail premises on the some of the country’s most important high streets, will debut on the Alternative Investment Market (‘Mercado Alternativo Bursátil’ or MAB) today at a price of €1.60 per share, which values the company at €23.28 million.

Autonomy’s IPO

Corpfin will be the tenth Socimi to go public on the MAB after yesterday’s debut of Autonomy Spain Real Estate, whose shares closed trading up 1.52% at €16.75 per share. The company owns six office buildings.

Original story: Cinco Días

Translation: Carmel Drake