10 April 2018 – Expansión
Corpfin Capital Real Estate is preparing to rotate most of the assets in the portfolios owned by its listed Socimis. The fund manager chaired by Javier Basagoiti (pictured below) has reached an agreement with an investor to sell 13 of its 21 commercial properties for €83.33 million.
According to the terms of the agreement, the sale of the assets will be carried out before the end of 2020, to allow time for the Socimis to comply with the regulations that govern them, which require properties to be owned for at least three years in order for the companies to benefit from the exemption to pay tax on any gains obtained from transactions.
Corpfin has invested €114 million through CCPR II and CCPR III –its two listed Socimis – since 2014.
Following the sale of five premises, it now owns 21 assets on the main high streets of Madrid, San Sebastián, Burgos and Valencia, which are occupied by tenants such as McDonald’s, Vips, Starbucks, Zara and Mango.
Moreover, it has purchase options over three other assets in San Sebastián and Madrid.
The manager has just launched a new vehicle, Inbest, through which it plans to invest €400 million in high street assets between now and 2021, of which €200 million will proceed from own funds and the remainder from gearing.
The fundraising process for Inbest was initiated in February and is expected to conclude in December or whenever the funds reach the €200 million threshold. The structure of Inbest will include one Socimi from which four others will depend, which will all be listed on the stock market.
Original story: Expansión (by Rebeca Arroyo)
Translation: Carmel Drake