Sareb’s Board Suspends the Sale of its Socimi Témpore to Launch a ‘Transparent Process’

19 December 2018 – El Independiente

The sale of Tempore Properties, the Socimi owned by the Company for the Management of Assets proceeding from the Restructuring of the Banking System (Sareb), was almost a done deal, but the plug has been pulled at the final hurdle. Sareb and the investment fund TPG were in the midst of closing the final details of the operation when the Board of the so-called “bad bank” decided to reject the offer. To the bewilderment of the US group, the directors of Sareb have demanded the launch of an ordered and transparent sale process, according to sources familiar with the events speaking to El Independiente.

Tempore, which has just carried out a non-monetary capital increase for €150 million and which will soon manage 3,300 real estate assets worth €325 million, received several offers at the end of November. The bid from TPG was successful over the others, but the process did not have all of the guarantees, and so the members of Sareb’s Board of Directors took the decision to block the transaction.

“It makes sense, especially taking into account the legal problems that could be generated if a government agency participates in exclusive processes”, indicated sources in the sector. “The directors have to be increasingly careful with the operations that they approve or they may incur serious faults”, added another.

In this way, the entity that it seemed was going to become the new owner of the Socimi, TPG, is the shareholder of companies such as Spotify, Airbnb, Burger King, Lenovo, Ducati and Grohe, amongst others.

Sareb, in which the State owns a 45% stake, wanted to close the operation before the end of the year and improve the appearance of its accounts, which are set to report losses, for another year. Now, however, that operation will have to wait until 2019.

The Tempore portfolio being sold by Sareb is concentrated (80%) in the metropolitan areas of Spain’s major capitals, with the remaining assets located in geographical areas with significant demand in the rental market, such as Valencia, Sevilla, Zaragoza, Málaga and Almería.

Azora is responsible for the management of the portfolio, specifically for the administration and sale of the assets. The Socimi is led by the Director of Rentals at Sareb, Nicolás Díaz Saldaña. Before joining the bad bank, Saldaña led the international team at Metrovacesa during the toughest period of the real estate crisis (…).

Several sources in the financial sector have indicated that Sareb must maximise the cleanliness of the operations that it participates in, especially after some institutions have been called out for irregular sales.

The Bank of Spain took Sareb to task over some suspicious activity following an inspection, according to a report to which El Independiente has had access.

Original story: El Independiente (by Ana Antón)

Translation: Carmel Drake

Hermes Properties Buys 2 Plots in Madrid from Sareb for €4M

5 June 2018 – Eje Prime

Hermes Properties is making its debut in Madrid. The company has purchased two plots of tertiary land with a surface area of 4,000 m2 in Madrid from Sareb for €4 million. The operation has been carried out through its second real estate investment vehicle, called Hermes II.

Specifically, the plots are located next to the Islazul Shopping Centre in Madrid, located in the Ensanche de Carabanchel, between the districts of Carabanchel, Latina, the Toledo motorway and the M40 motorway, on the border of Madrid and Leganés.

The plots have been previously leased to two operators, namely, Burger King and Carl’s Jr, who will undertake construction work imminently to open two restaurants in free-standing and unique buildings with drive-thru services.

Original story: Eje Prime

Translation: Carmel Drake

Carmila Secured 91 New Tenants During H1 2017

29 August 2017 – Expansión

Carmila, Carrefour’s real estate subsidiary, has closed the first half of the year having signed 213 commercial operations in Spain, according to a statement issued by the company.

Specifically, the company led by Sebastián Palacios signed 91 new rental operations during H1, corresponding to an increase in the gross leasable area of more than 10,000 m2.

In addition, Carmila signed 122 rental contract renewals with operators that decided to continue their agreements with the company, covering another approximately 10,000 m2 in terms of surface area.

By retail sector, the largest volume of space secured was recorded in the restaurant segment, with 13 new contracts. Specifically, brands such as Burger King, Gino’s, Lizarrán and La Tagliatella signed up to join Carmila’s centres.

That segment was followed by the fashion sector, with the signing of new contracts with brands such as Zara, Bershka and Free Base.

For the second half of the year, Carmila forecasts “very favourable” results, not only in terms of new contracts but also renewals.

In this sense, during the second half of the year, the company will launch the renewal of the rental contracts for eight shopping centres, including the Los Patios Shopping Centre in Málaga.

Carmila was constituted in April 2014 by Carrefour, which controls 42% of its capital, with the aim of obtaining value from the shopping centres located next to its hypermarkets. The other shares in the company are held by large institutional investors.

According to the latest published data, Carmila owns 70 assets in Spain worth €1,100 million.

Original story: Expansión (by R. Arroyo)

Translation: Carmel Drake

New Winds Group Buys Málaga Plaza Shopping Centre

31 March 2017 – Eje Prime

New Winds Group has purchased the Málaga Plaza Shopping Centre from Inversiones Igueldo. The asset, located in the financial and commercial heart of Málaga, has a gross leasable area of 6,600 m2, spread over three shopping floors and three underground floors containing 320 parking spaces.

The Málaga Plaza Shopping Centre was constructed in 1993 by the architect Ángel Asenjo and currently receives 3 million visitors per year. It is home to brands of the calibre of Burger King, FNAC, VivaGym and Primor, amongst others.

Over the next few months, New Winds Group will undertake an ambitious project to improve the shopping centre and will introduce new operators. Aguirre Newman has advised the divestment through an improvement in the occupancy rate and in the quality of the tenants and the subsequent sale at a profit.

New Winds Group is a Madrilenian real estate company linked to the Reyzábal family, known primarily for being the owner of the Windsor building. In recent years, it has acquired other shopping centres, such as Montecarmelo in the Spanish capital.

Original story: Eje Prime

Translation: Carmel Drake

Sambil Outlet Opens Largest Shopping Outlet In Spain

27 March 2017 – Observatorio Inmobiliario

The Sambil Outlet Madrid was inaugurated on Thursday (23 March), it is a new shopping centre concept that combines fashion outlets with restaurants, leisure and other services. With a gross leasable area (GLA) of 43,500 m2, it is the largest outlet centre in Spain and the first European project undertaken by the Venezuelan group Sambil.

According to its developers, the total investment in the shopping centre amounted to €59 million and at the time of opening, it has an occupancy rate of 85% of the GLA. It contains 130 retail premises in total and has 2,400 parking spaces. There are plans to open charging points for electrical vehicles. Sambil Outlet Madrid will create almost 2,000 direct and indirect jobs.

Ricardo and Alfredo Cohen, Directors of the Sambil Group, participated in the inauguration ceremony. They stated that “our commitment to this market is serious and we will soon be exploring new avenues for investment in this country”.

Other attendees at the inauguration of the new centre included Javier Ruiz Santiago, Deputy Minister for the Economy and Innovation, María José Pérez-Cejuela, Director General of Trade and Consumer Affairs, both from the government of the Community of Madrid; Santiago Llorente, Mayor of Leganés; and a large number of councillors from the municipal corporation. Ricardo Fontana, Minister-Counsellor of the Embassy of Venezuela, also attended, along with representatives of the country’s main retailers.

The fashion space, which accounts for 51% of the total surface area, is home to brands such as Outlet from El Corte Inglés, For & From (Inditex group), Fifty Factory (Cortefiel group) and the Outlet Sport (Intersport group), amongst others.

The food area will house the largest Simply Hypermarket in the Community of Madrid. The leisure space will include a 12-screen Odeon cinema and the largest wind tunnel in Europe, the Hurricane Factory, which will open within the next few weeks. The restaurant section will include a Burger King, Foster’s Hollywood and Grupo Vips restaurants, amongst others. There will also be an area dedicated to services.

Original story: Observatorio Inmobiliario

Translation: Carmel Drake