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 Injects €83.7M into its Inbest Portfolio During First Year

25 April 2019 – Eje Prime

Corpfin Capital Real Estate has already injected more than €80 million into its various Inbest companies during their first year of operation.

Specifically, Inbest has received capital injections amounting to €83.7 million over the last 12 months. The most recent amounted to €5.3 million for Inbest Prime Assets and was registered in the Mercantile Registry yesterday.

The aim of the increases is to finance the investment operations that the vehicle has planned. The Inbest companies invest in high street buildings to transform them into flagship stores.

Original story: Eje Prime (by Marta Casado Pla)

Translation/Summary: Carmel Drake

Corpfin Prepares for Stock Market Debut of its Socimi Inbest

12 February 2019 – Idealista

The Socimis are continuing to make inroads in the real estate market. There are now more than 70 listed vehicles operating under this regime in Spain, and another twenty new vehicles could make their stock market debuts soon, according to the experts.

They include five that the manager Corpfin Capital Real Estate has been promoting through its investment vehicle Inbest Real Estate, including a company called Inbest Prime Inmuebles Socimi. And it is precisely that company that is finalising its stock market debut.

According to explanations provided by the manager to Idealisa News, the purchases that Inbest has completed recently have been materialised through those Socimis and its objective is for them to be listed on the stock market by September this year at the latest, just two years after their constitution and, therefore, by the deadline established by the legislation for continuing to enjoy tax incentives. Nevertheless, the firm chaired by Javier Basagoiti expects that the Socimis will be listed before the summer.

Although the valuation of the assets and the price at which the shares will debut are not yet known, the portfolio will include some very well-known and sought-after assets. They include four commercial premises in Edificio España in Madrid, whose purchase was recently signed between Inbest and the hotel chain RIU, the owner of the skyscraper, for almost €160 million. The investment vehicle’s plans include establishing four flagship stores for first-rate operators from the textile and restaurant sectors.

The assets also include three others that Inbest has acquired in recent months from the Spanish department store giant: El Corte Inglés. One of them is located on Calle Colón in Valencia and spans 7,000 m2, distributed between two adjoining premises, whilst another is located on Calle Princesa in Madrid, and another still on Gran Vía in Bilbao, with a combined surface area of almost 8,800 m2 in the case of the latter two. The investment in those three buildings amounted to around €180 million.

The Socimis have a combined investment objective of €400 million (half from own funds), of which almost 85% has now been consumed, whilst the remaining amount (around €60 million) could be targeted towards a new acquisition, given that that is exactly the ticket size that the manager is interested in.

Inbest’s strategy for this game of poker between the Socimis is based on searching for assets located in prime situations (above all in Madrid, Barcelona and other important provincial capitals), and focusing on unique assets in the commercial sector. Barring any last minute changes, the firm will keep the Socimis active for at least five years after finalising the investment period (…), although that term may be extended for another two years (…).

Original story: Idealista (by Ana P. Alarcos)

Translation: Carmel Drake

Riu Closes the Sale of Edificio España’s Commercial Space to Corpfin

1 February 2019 – Preferente.com

The 15,000 m2 of commercial space in Edificio España now has an owner. The party in question is Inbest Real Estate, the investment vehicle owned by Corpfin Capital Real Estate, which has signed a purchase agreement with the hotel chain Riu Hotels & Resorts, the owner of the property.

In a statement addressed to Preferente.com, the hotel chain explained that this agreement will enable the opening of five flagship stores for retail operators, including restaurant and textile firms, which will complement the opening of the new Hotel Riu Plaza España. “In that way, we will provide an even greater boost to the area through a tourist, leisure and commercial offer”, said the chain (…).

“We believe that having Corpfin Capital Real Estate as an ally to launch the retail space in Edificio España is the best way of getting the most out of the property”, said Luis Rui (pictured above, left), CEO of Riu Hotels & Resorts. Meanwhile, Javier Basagoiti (pictured above, right) Managing Partner of Corpfin Capital Real Estate, highlighted that their idea is “to choose the operators that best reflect the philosophy of the building, in coordination with Riu, respecting the hotel activity and configuring the premises towards the creation of flagship stores for first-rate operators” (…).

Original story: Preferente.com 

Translation: Carmel Drake

Baraka Triggers the Immediate Suspension of the Building Work at Edificio España

23 November 2018 – El Economista

The magistrate of the Court of First Instance nº 67 of Madrid has ruled that the building work on Edificio España in Madrid be suspended immediately due to the risk alleged by Baraka before that legal body.

Baraka, the company owned by the businessman Trinitario Casanova, filed a lawsuit before the courts of Madrid in August requesting the suspension of the building work on the hotel in Edificio España, in Madrid, which is now owned by the hotel chain Riu. The hotel firm purchased the iconic building in Plaza España from Baraka last year.

Baraka is claiming in the courts that the commercial premises inside the building, spanning 15,000 m2, belong to it and that Riu is refusing to sign across the deeds.

The hotel group Riu indicates that it has not yet received any notification to suspend its building work, according to sources speaking to El Economista. The hotel chain clarifies that Baraka does not have any contract with purchase rights or to register on public record the commercial space in Edificio España. Indeed, they note that at the time of Riu’s purchase of the building, Baraka signed “a non-representative mandate contract to search for investors for the commercial area, which it has failed to do”, despite repeated requests from the hotel chain.

The firm points out that a sales agreement has been reached with Corpfin Capital Real Estate for the commercial area, which was signed in September and which is on the verge of being executed. Riu is threatening to sue Baraka for damages and losses if the building work at Edificio España is affected. The hotel chain is going to invest between €380 million and €400 million in the project, including the purchase of the building (around €272 million) and its renovation.

The future hotel will be a four-star property and will have 589 rooms, 15 meeting rooms and almost 3,000 m2 for social and corporate events. The inauguration of the hotel is planned for September 2019 and the property will operate under the brand Riu Plaza.

Original story: El Economista (by Alba Brualla)

Translation: Carmel Drake

El Corte Inglés Puts 2 Shopping Centres Up for Sale for €100M

3 August 2018 – Voz Pópuli

A new operation for El Corte Inglés. The distribution group has put up for sale two of its smaller department stores. The properties, located in Madrid and Bilbao, are considered non-strategic by the retailer although it will continue to occupy them as the tenant, according to sources close to the operation.

The Expansión newspaper reports that El Corte Inglés is finalising the sale of two establishments to Inbest, the investment vehicle owned by the manager Corpfin Capital Real Estate for around €100 million.

The department store group will continue to use the two buildings – located on Calle Princesa in Madrid and Gran Vía de Don Diego López de Haro in Bilbao – through a long-term lease contract.

This operation forms part of El Corte Inglés’s debt reduction plan. According to Expansión, it is the first divestment that the group will make following the appointment of Jesús Nuño de la Rosa as President in June.

Original story: Voz Pópuli

Translation: Carmel Drake

Corpfin Appoints Ana Granado as New CEO

27 February 2018 – Eje Prime

Corpfin Capital Real Estate has opted for an expert in corporate finance to lead the three investment vehicles that it has in place. The Spanish Socimi has hired Ana Granado (pictured below) as the new CEO of the company.

Granado previously held positions of responsibility at Aguirre Newman and Deloitte. At the real estate company, the director led the corporate finance team for six years and at the consultancy firm, she served for five years as a director of financial advisory in the real estate sector. Moreover, the executive previously worked as an analyst at Santander Investment in the corporate finance department.

Granado is a RICS member and holds a degree in Business Administration and Management, as well as a Masters in Management Skills, both from the Universidad Comercial de Deusto. Moreover, she has completed the Advanced Program in Corporate Finance at the IE Business School.

Corpfin finished 2017 by making new asset purchases for its portfolio. In December, through its vehicles Corpfin Capital Prime Retail II Socimi and Corpfin Capital Prime Retail III Socimi, it acquired two commercial premises, located in Madrid and Vitoria, as reported by Eje Prime. The company is going to invest in up to fifteen more assets and thus plans to spend €100 million between the two vehicles.

Moreover, the company also operates in the real estate business with its vehicle CCPR Retail Parks. That fund targets retail products, primarily medium-sized spaces, with a high management component. According to the group, for that fund, the estimated diversified investment will involve between 12 and 14 operations with an average investment volume of €3 million for each operation, including land, capex, acquisition and marketing costs. Until now, the fund has committed half of its planned investment.

Original story: Eje Prime

Translation: Carmel Drake

Corpfin Capital Will Build New Retail Complex In Alcorcón

19 October 2016 – Inmodiario

Corpfin Capital Retail Parks, a vehicle managed by Corpfin Capital Real Estate (CCREP) has acquired a plot of land in the municipality of Alcorcón, in the Community of Madrid. The plot has a surface area of 13,501 sqm and an above-ground buildable area of 8,000 sqm. It is located on the main avenue of Ensanche Sur, a new development area in the town.

The objective of the investment vehicle is to construct a retail complex that it hopes will bring life to a neighbourhood that does not currently have any retail offering. The project forecasts an investment, including land purchase and construction costs, of approximately €11 million.

The vehicle has already signed a contract with Supermercado Simply to open a 4,000 sqm store on the site. The rest of the complex (the remaining 4,000 sqm) is still being marketed and advanced negotiations are being held with several operators.

The firm considers this project to be an important stimulus for the area, given that it expects it to create around 100 direct jobs.

Corpfin Capital Retail Parks was created with the aim of acquiring land in Spain, on which to manage, develop and construct shopping centres (Retail Parks) and to subsequently lease the assets to first rate operators.

The vehicle, which has an investment capacity of almost €45 milliion, represents a way of allowing Corpofin Capital Real Estate to diversify its business, which has been focused until now on the acquisition of prime retail premises in Spain’s main cities. In this way, the company is backing a different niche in the market, namely: retail parks.

This represents the vehicle’s second operation and its first in the Community of Madrid, following the inauguration of the Las Moruchas Retail Park in Ávila in June. (…).

Original story: Inmodiario

Translation: Carmel Drake