Aelca Debuts in País Vasco with Development of 311 Homes

15 March 2018 – Expansión

Aelca, the property developer controlled by the US fund Värde and the founding team, has made its debut in the País Vasco with the launch of a development comprising 311 homes in the town of Barakaldo (Vizcaya).

The company, which also has a presence in Cataluña, Madrid, Málaga and the Community of Valencia plans to hand over the first homes in 2020.

Specifically, this residential complex is going to be built in four phases. The first phase, marketing of which has already started, comprises 90 high-rise homes and 22 family properties. The construction of this first phase will begin in September this year and the first units will be handed over in the third quarter of 2020, explains the company. The second phase will comprise 119 homes, the third phase 40 units and the final phase 40 homes.

The firm constituted in 2012 by Javier Gómez and José Juan Martín, both now CEOs of the group, closed last year with a profit before tax (PBT) of €25.5 million, up by 154% and revenues of €132.2 million, up by 27%, and is preparing to continue growing through purchases.

Original story: Expansión (by R. Arroyo)

Translation: Carmel Drake

Lar España Buys Rivas Futura Shopping Centre for €62M

6 February 2018 – Expansión

The Socimi in which Pimco holds a stake has purchased the Rivas Futura shopping complex, in the Madrilenian town of the same name, for €62 million.

Lar España has completed its first investment of 2018. The Socimi, whose largest shareholder is the fund manager Pimco, has completed the purchase of the Rivas Futura shopping complex, located in the Madrilenian town of Rivas.

Inaugurated in 2016, this complex was promoted by the real estate firm Avantis, and became a reference in Madrid, with a surface area spanning more than 55,000 m2 and first-class tenants such as Media Markt, Conforama and Toys R Us. Next to the retail park, the same real estate firm constructed a large office complex and a shopping centre called H2Ocio. Recently, that shopping centre also changed hands, with the manager CBRE Global Investors acquiring 70% of the property.

In 2008, Avantis’ liquidity problems meant that it had to find a new owner for the complex. The real estate subsidiary of Axa spent €81 million to buy the centre at that time. Years later, the fund Lone Star was awarded the park as part of Project Octopus, formed by loans from the German bank Eurohypo.

Now, the Socimi managed by the real estate group Lar has become its new owner, after paying €61.6 million to the most recent owner: Credit Suisse.

With this new investment, Lar España has become the largest operator of retail parks in Spain, with more than 150,000 m2 in its portfolio. Its flagship assets include the Megapark complex in Barakaldo, where the Socimi owns both the Megapark shopping centre and the factory outlet (acquired for €170 million), as well as the leisure area; that operation was closed at the end of October.

This purchase also represents the first acquisition of a commercial asset by the Socimi in Madrid, where it already owns a luxury housing development, Lagasca 99, as well as two office buildings. At the end of last year, Lar España put its office portfolio, comprising four assets and worth €170 million, up for sale. Since then, it has sold two of the assets, both located in Madrid and both sold to the same buyer: the real estate firm Colonial.

During the first nine months of 2017, Lar España generated profits of €72.2 million, up by 55% compared to a year earlier, after earning €57.2 million, up by 36%.

Original story: Expansión (by Rocío Ruiz)

Translation: Carmel Drake