Quid Pro Quo Launches a €3.5M Capital Increase to Grow its Portfolio

18 June 2019 – Eje Prime

Quid Pro Quo has launched a €3.5 million capital increase to continue investing. The increase will be carried out through the issue and launch into circulation of almost 3.5 million shares with a nominal value of €1 each, according to the Official Gazette of the Mercantile Registry (Borme).

The Socimi owned by Alquiler Seguro will use the funds to continue growing its portfolio. Historically, the company has invested in rental homes costing less than €100,000, mostly in Madrid, but also in Barcelona, Valencia, Alicante, Málaga and Álava.

If the capital increase goes ahead, its total share capital will amount to €12.5 million.

Original story: Eje Prime (by M. C. P.)

Translation/Summary: Carmel Drake

VBare Launches a €30M Capital Increase

19 May 2019 – Eje Prime

VBare Iberian Properties has launched a capital increase to grow its portfolio and make the leap to the main stock market before 31 March 2020. The company has just approved a capital increase amounting to €30 million, which will be executed through the issue and launch into circulation of up to 2,238,339 ordinary shares.

At the same time, the company’s Board of Directors has committed to making “every effort” to list VBare on the main stock market before the end of the first quarter of 2020. The Socimi recorded profits of €1.1 million during Q1 2019 and of €4.8 million in 2018.

Original story: Eje Prime

Translation/Summary: Carmel Drake

Inbest Prepares New Investment Vehicle for Retail Parks & Finalises MAB-Debut of its Socimis

15 May 2019 – Eje Prime

Corpfin Capital Real Estate is planning to launch a vehicle to invest up to €60 million in retail parks. Meanwhile, it is working towards the debut of its four Socimis on the Alternative Investment Market (MAB) in June.

To date, the company has been channelling its investment in retail parks through a vehicle it created in 2015, Corpfin Capital Retail Parks, with an investment volume of €44 million. But now it is going to create a second vehicle, Inbest Parks II, which will have €60 million to spend, with the aim of providing continuity and attracting new investors.

In parallel, the company is focused on the MAB debut of its four Socimis, which are due to list for the first time on 27 June. In total, the companies have an investment volume of €400 million, comprising own funds and debt. Most of that figure (€378 million) has already been invested in the purchase of three buildings from El Corte Inglés and the acquisition of the commercial premises in Edificio España.

Original story: Eje Prime (by Marta Casado Pla)

Translation/Summary: Carmel Drake

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

Socimi Árima Closes €40M Capital Increase (20% Below the Forecast)

4 April 2019 – Europa Press

The Socimi Árima has completed an accelerated capital increase by raising €40 million, which fell 20% below the target of €50 million, according to the firm.

The operation, which targeted qualifying and institutional investors, was participated in by “certain” members of the management team, led by the former CEO of Axiare, José Luis López de Herrera-Oria.

All of them subscribed shares in the company at a price of €10 per share, equivalent to the debut price on the stock market in October, and below the closing price at the end of trading on Thursday (€10.20).

Despite having raised less than expected, López de Herrera-Oria concluded that the operation has been a success.

Original story: Europa Press

Translation/Summary: Carmel Drake

Árima to Increase its Capital by €50M to Repay Debt & Purchase Assets

2 April 2019 – Expansión

The Socimi Árima, led by Luis Alfonso López de Herrera-Oria (pictured below), is going to carry out a capital increase of up to €50 million (expandable upon demand), which will be used to early repay a €30 million loan signed with CaixaBank, as well as to purchase new assets.

The company hopes to incorporate new investors through this operation, which will see its share capital increase by 50%, whereby providing more liquidity for its equity.

The capital increase will comprise the issue and launch into circulation of 5 million new ordinary shares with a nominal value of €10 each, which will be issued without an issue premium. It will be carried out through an accelerated placement aimed at qualifying and institutional investors.

The company’s asset portfolio amounts to €121 million, spans a gross leasable area of 29,000 m2 and includes more than 460 parking spaces in the office sector in Madrid.

Original story: Expansión 

Translation/Summary: Carmel Drake

Galil Capital Revises its Loss Forecast for 2019 Down to -€25M

1 April 2019 – Eje Prime

Galil Capital, the Socimi led by the Israeli businessman Gil Avraham Shwed expects to close the year with losses of €25 million. It has revised its forecasts down from losses of €46 million (-44%) after completing a €6.59 million capital increase, which will allow it to acquire new residential properties. As such, the Socimi expects to increase its rental revenues by 5% to €1.26 billion.

Galil Capital expects to add one small and one medium-sized building to its portfolio this year. At the end of June 2018, its portfolio comprised six assets and was worth €31.36 million.

Original story: Eje Prime

Translation/Summary: Carmel Drake

Socimi Almagro to Increase its Capital to Buy New Assets in Madrid

27 March 2019 – La Vanguardia

The Socimi Almagro Capital, which specialises in residential properties for the elderly, has approved a €15 million capital increase to finance new acquisitions and consolidate its growth in the Spanish capital.

Almagro Capital, which is managed by the Spanish firm Ofila Management, owns 24 assets in the centre of Madrid, located in the Chamartín, Goya, Chamberí, Princesa, Chopera, Lavapiés, Recoletos, Palacio, Salamanca, Viso, Chueca, Retiro and Tetuán areas.

The Socimi made its debut on the MAB in January, with an initial share price of €1.07, which represented a company valuation of €10 million. That figure is set to rise to around €50 million over the short to medium term.

Original story: La Vanguardia 

Translation/Summary: Carmel Drake

CNMV Approves Millenium Hotel’s Stock Market Debut

26 March 2019 – El Confidencial

A new hotel giant is getting ready to make its stock market debut. Millenium Hotels, the platform that Javier Illán has been growing for the last two years, has just received approval from Spain’s CNMV to make the leap onto the stock market before the summer. The company will begin a road show with investors in April, with the aim of making its debut between the end of June and the beginning of July.

Millenium Hotels will start by trading on the MAB, before moving onto the main stock market once it is sufficiently large enough. The firm owns eight assets, including the 4-star Hotel Vía Castellana in Madrid, and has already received funding amounting to €100 million from mutual, insurance companies and family offices. Moreover, it is negotiating the purchase of four more properties.

Original story: El Confidencial (by R. Ugalde)

Translation/Summary: Carmel Drake

Domo Activos Approves a Capital Increase of €20M

18 March 2019 – Idealista

Domo Activos has approved a capital increase amounting to €20 million, according to a statement issued by the company in the Official Gazette of the Mercantile Registry (BORME).

The company will undertake the increase, which must be executed within a maximum period of one year, through the issue of up to 10 million shares at a price of €2.10.

The capital increase follows another approved by the company in September 2018 amounting to €5 million for the purchase of new land. The company owns buildable land in Madrid, Málaga, Sevilla, Valencia, Córdoba and Zaragoza.

The business model of Domo Activos involves the acquisition of land for the development of rental properties. After three years, those properties are then sold.

Original story: Idealista 

Translation/Summary: Carmel Drake