Socimi Tander Acquires Gran Vía 6 (Bilbao) for €7.5M

26 June 2018 – Eje Prime

Tander is expanding its geographical reach. The Socimi, present in Barcelona and Santander until now, is growing in the north of Spain with the purchase of its first asset in Bilbao. The company has acquired number 6 Gran Vía in the Basque city for €7.5 million, in its first operation since it made its debut on the MAB in January.

According to a statement filed by the company with the Alternative Investment Market (MAB), the operation includes “two properties that comprise a single commercial premise”, with a constructed surface area of 257.33 m2.

“These premises have been leased recently, and are on the verge of being handed over to the new lessee, something that will happen within the next few days”, says the company, owner of a fund in which the Canadian manager Première Alliance holds a stake.

To carry out the operation, Tander has required external financing. In June, the company granted various guarantees to ING to “free up” €8.32 million of the financing committed with the financial entity, which amounts to €54.27 million in total. Similarly, the company drew down €4.27 million more.

The Socimi is using that amount to finance the purchase of the asset in Bilbao as well as to strengthen “its financial capacity to comply with its real estate asset acquisition strategy”. Tander’s investment plan for 2018 amounts to €25 million, which will serve for the acquisition of between three and four assets outside of Madrid and Barcelona, according to Eje Prime.

The company debuted on the MAB in January with a valuation of €50 million. Tander owns five assets in prime areas of Barcelona and a sixth in Santander, which constituted a portfolio that was worth €80.3 million at the beginning of the year.

From Vía Laietana to Paseo de Gracia

Tander’s footprint in Barcelona is located in the centre of the city. The Socimi’s largest asset is an office at number 6-20 Calle Casp, which has a surface area of 3,457 m2. That building houses the offices of Cadena SER, owned by Grupo Prisa, just above Teatro Tívoli.

At number 15 Paseo de Gracia, the manager owns a retail premise measuring 527 m2, which is currently leased to FC Barcelona, which has opened a flagship store. In the same street, at number 27, the Socimi has leased a store measuring 792 m2 to the brand Cos, part of the H&M group.

Tander completes its portfolio in Barcelona’s city centre with part of number 47 Vía Laietana, an office building in which the Socimi has leased 1,100 m2 to Banco Sabadell. The financial entity also leases a branch measuring 155 m2 at number 171 Travessera de Gràcia, which is also owned by Tander Inversiones.

Original story: Eje Prime

Translation: Carmel Drake

Socimi Tander Signs a €55M Loan to Finance New Purchases

11 June 2018 – Eje Prime

Tander Inversiones wants to continue nurturing its asset portfolio and for that it requires capital. The company, owned by a fund in which the Canadian manager Première Alliance holds a stake, has just signed a €55 million loan to carry out new purchases, according to explanations provided by Clara Casales, Property Manager of the Socimi, speaking to Eje Prime.

Last week, the company agreed, under the framework of its Ordinary General Shareholders’ Meeting “to repay and cancel the debt that it has subscribed to date, also cancelling all of the guarantee instruments relating to it, with the aim of refinancing, expanding and unifying the company’s debtor position under a new financing arrangement amounting to €55 million”, explain sources at the Socimi.

Tander will allocate these new funds to the purchase of new assets in the Spanish market. The Socimi has established an investment plan of up to €25 million for 2018 with the aim of expanding to more cities in Spain, with Madrid as a priority, according to comments made to Eje Prime. Tander’s objective is to purchase between three and four assets this year.

The Socimi concentrates its current investments in Barcelona, where it has five assets in prime areas of the Catalan capital. The sixth asset in the portfolio with which it leapt onto the Alternative Investment Market at the beginning of 2018 is located in Santander. When it rang the bell, the value of Tander’s portfolio amounted to €80.3 million.

Now, Tander’s aim is to expand its investments to the main cities in Spain. Some of the areas that the Socimi is analysing include Bilbao, Valencia, Sevilla and San Sebastián, although it is also interested in Málaga and A Coruña. Tander is analysing different operations, but it does not have anything identified yet.

From Vía Laietana to Paseo de Gracia

Tander’s current portfolio in Barcelona is distributed around the main shopping area of the Catalan capital. The Socimi’s largest asset is an office space at number 6-20 Calle Casp, which has a surface area of 3,457 m2. It houses the offices of Cadena SER, owned by Grupo Prisa, just above the Teatro Tívoli.

Very close by, at number 15 Paseo de Gracia, the manager owns a retail premise measuring 527 m2, which is currently leased to FC Barcelona, which has opened a flagship store there. On the same street, at number 27, the Socimi leases a 792 m2 store to the Cos brand, part of the H&M group.

Tander completes its portfolio in the central area of Barcelona with part of number 47 Vía Laietana, an office building in which the Socimi leases 1,100 m2 to Banco Sabadell. This financial institution also leases a 155 m2 branch at number 171 Travessera de Gracia, which is also owned by Tander Inversiones.

Original story: Eje Prime (by Custodio Pareja)

Translation: Carmel Drake

Tander To Invest €25M in Spain’s High Street Sector in 2018

13 February 2018 – Eje Prime

Tander Inversión is looking to get its teeth into the retail high street sector. The Socimi plans to invest up to €25 million in 2018 during which time it hopes to expand to more cities in Spain, with Madrid as the priority. That is according to comments made by the firm’s Director General, Sergi Mirapeix, speaking to Eje Prime. Tander’s objective is to buy between three and four assets during the course of this year.

Owned by a fund in which the Canadian manager Première Alliance holds a stake, the real estate company’s current investments are concentrated in Barcelona, where it owns five assets in prime areas of the Catalan capital. The sixth asset in the portfolio, with which it made its debut on the Alternative Investment Market (MAB) at the beginning of 2018, is located in Santander. When the MAB’s bell rang, the value of Tander’s portfolio amounted to €80.3 million.

Now, the objective of Mirapeix is “to expand our investments in the main cities in Spain”. Some of the locations that the Socimi is analysing include Bilbao, Valencia, Sevilla and San Sebastián, although it is also interested in Málaga and A Coruña.

Meanwhile, in Cataluña, beyond Barcelona, Girona is another city that is in Tander’s line of sight “because it has a high income per capita, above the Spanish average, and it is also an attractive commercial market”, says Clara Casales, administrator of the Socimi’s properties. “Our shareholder is very conservative and seeks very specific assets”, says Mirapeix.

Tander is analysing different operations but has not identified anything yet. In this regard, Mirapeix says that retail high street assets “are a complicated type because, when they are already on the market, they are very burned out, which makes it difficult to obtain the margin that you want”.

The executive also highlights the high degree of competition that exists for these types of properties, especially between family offices, which “have a higher investment margin”, he said.

On the other hand, in addition to expanding to more Spanish cities, Tander’s roadmap could involve expanding and crossing the border within the next few years. “We are going to explore entering Portugal, focusing on Lisbon and Porto”, said Mirapeix, “although, for that, we still need to establish ourselves in Spain”.

Prime stores on Vía Laietana and Paseo de Gracia  

Tander’s current portfolio in Barcelona is located in the most luxurious commercial area of the Catalan capital. The Socimi’s largest asset is an office space at number 6-20 Calle Casp, which spans 3,457 m2. That is home to the offices of Cadena SER, owned by the Prisa Group, just above Teatro Tívoli.

Very close by, at number 15 Paseo de Gracia, the manager owns a retail store spanning 527 m2, which is currently leased to FC Barcelona, which has opened its flagship store there. On the same street, at number 27, the Socimi owns a store measuring 792 m2, which it has leased to the Cos brand, from the H&M group.

Ten minutes towards the sea by foot, Tander completes its portfolio in the central area of Barcelona with part of number 47 Vía Laietana, an office building where the Socimi has leased 1,100 m2 of space to Banco Sabadell. In addition, the financial institution has a branch measuring 155 m2 at number 171 Travessera de Gracia, which is also owned by Tander Inversiones.

Original story: Eje Prime (by J. Izquierdo)

Translation: Carmel Drake