Corpfin Begins its Divestment Period by Placing Assets Worth €160M Up For Sale

23 March 2018 – Eje Prime

Corpfin Real Estate is rotating its asset portfolio. According to sources familiar with proceedings, the company has started to divest some of its assets, and to this end, has placed on the market commercial premises and out-of-town retail parks worth €160 million. Currently, Corpfin Real Estate manages four investment vehicles in the Spanish market.

“The investment strategy of Corpfin Capital Real Estate Partners includes the rotation of assets once they have reached their maturity period”, explain sources at the group. “Specifically, the two vehicles that Corpfin Capital Real Estate Partners is managing at the moment, Corpfin Capital Prime Retail Assets and Corpfin Capital Retail Parks, are nearing the end of their investment periods, and so the group has not ruled out divesting some of the assets owned by those vehicles”, they said.

Corpfin Retail Parks, a vehicle with an investment capacity of €150 million, specialises in retail products “with a high management component”. Meanwhile, Corpfin Capital Prime Retail Assets was created in 2011 and completed its investment phase in 2016.

In parallel, the company has been fattening up its portfolio with the investment vehicles that remain active. Through its vehicles Corpfin Capital Prime Retail II Socimi and Corpfin Capital Prime Retail III Socimi, the company purchased two commercial premises last year, in Madrid and Vitoria (…).

In addition, with Corpfin Capital Retail Parks, the company has also been purchasing assets until recently, although it still has a small percentage of its funds left to invest before it finalises that vehicle’s purchasing process. Corpfin’s most recent operations with CPRP include the purchase of a plot of land measuring 4,345 m2 from the General Foundation of Madrid’s University of Complutense.

For now, Corpfin has signed a contract to set up an Aldi supermarket on that plot, which will occupy a surface area of more than 1,200 m2 and which will be the chain’s first store in the municipality. The rest of the land is still being marketed.

Other operations undertaken by the fund include the Las Moruchas Shopping Centre in Ávila, inaugurated in June 2016, and the construction of a new shopping complex in Alcorcón (Madrid), which is currently under development.

New director general

In addition, this year, the group is also shaking up its management team and has appointed a new CEO for the Socimi. Ana Granado has served as the most senior executive of the company since February (…).

Original story: Eje Prime (by C. Pareja)

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