Tag: debut

Realterm Enters Spain with the Purchase of a Logistics Warehouse in Barcelona

Realterm Logistics, a US investment group specialising in logistics properties in the United States, Canada and India, has arrived in Spain with the acquisition of its first warehouse in the town of Palau de Plegamans (Barcelona).

Realterm Logistics, a US investment group specialising in logistics properties in the United States, Canada and India, has arrived in Spain with the acquisition of its first warehouse in the town of Palau de Plegamans (Barcelona). The operation, advised by Savills Aguirre Newman, demonstrates the strength of the Catalan logistics market despite the current health crisis generated by Covid-19.

The property is a cross-dock logistics warehouse with a constructed surface area of ​​6,578 square metres on a plot measuring 14,160 square metres. It is located in one of the most strategic municipalities for the distribution sector due to its excellent communications including the airport (43 km) and the port of Barcelona (30 km) and connections with the city, which is just 25 minutes away. The warehouse is currently occupied by a transport company.

Madrid’s Luxury Hotels Delay their Debuts

The openings of the Four Seasons hotel, the renovated Mandarin Oriental Ritz and the Marriott in Madrid will all be delayed due to the crisis caused by Covid-19.

Several luxury hotels in Madrid are delaying their openings due to the crisis caused by the coronavirus. In this way, the Canadian luxury chain Four Seasons had planned to open its first hotel in Spain in Madrid’s Centro Canalejas on 15 May, but the new date for the inauguration will be 1 September, if the Covid-19 pandemic allows it, according to Cinco Días.

This five-star establishment has 200 rooms and is located within the Canalejas complex. It is owned by OHL (50%) and Mohari (50%), a company owned by Mark Scheinberg, the founder of Poker Stars. The Four Seasons website only allows reservations from 1 September, with prices starting at €750 and rising to €2,025 in the case of a suite.

Inbest to Make its MAB Debut with a Prime Retail Portfolio

21 June 2019 – Expansión

The Spanish firm Corpfin Capital is finalising the stock market debut of its investment vehicle Inbest, which it created last year with the aim of investing around €400 million in prime retail assets.

Inbest has already starred in some of the most high profile operations in the sector, including the purchase of the commercial space in Edificio España for €160 million and the acquisition of 3 buildings located on Gran Vía 20, in Bilbao; Princesa 41, in Madrid; and Calle Colón in Valencia, for €184 million.

The firm’s MAB debut is scheduled to take place during the first half of July, most likely on 9 July, through four of the five Socimis that it has created with the assets acquired.

Original story: Expansión (by Rocío Ruiz)

Translation/Summary: Carmel Drake

La Finca Global Assets Approves its MAB Debut for July

12 June 2019 – El Confidencial

On Wednesday, the General Shareholders’ Meeting of La Finca Global Assets approved the company’s debut on the stock market, which will take place during the first week of July.

The decision was supported by Susana García Cereceda, President of the company and owner of 50% of the share capital, and Värde Partners, which holds a 39% stake. It was opposed by the President’s sister, Yolanda, who owns a 10.99% stake, but she was outvoted.

La Finca owns 220,000 m2 of office space worth €725 million as at 31 December 2018, all of which is located in Madrid and Pozuelo de Alarcón. Nevertheless, the company has debt amounting to almost €400 million, and has to cover the costs of managing its business parks, and so, its final valuation is expected to range between €156 million and €170 million.

At its meeting, the General Shareholders also approved the company’s accounts for the year ending 31 December 2018, which reported operating profits of €45.9 million, mainly from rental income and a result for the year of €9.73 million, up from €4.6 million in 2017.

Original story: El Confidencial (by Agustín Marco & Ruth Ugalde)

Translation/Summary: Carmel Drake

Silicius Sells an Office Building in the Centre of Madrid

3 June 2019 – Eje Prime

Silicius has taken another step in its strategy to debut on the stock market. The Socimi owned by Mazabi has sold an office building in the centre of Madrid to an investment vehicle created by Tenigla Real Estate for more than €9 million. The property spans a surface area of 3,648 m2 and is leased in its entirety to several tenants.

To undertake this purchase, Tenigla has created an investment vehicle together with several private investors. Following the operation, the company now has €90 million in assets under management.

Ahead of its debut on the MAB, Silicius is planning to create a portfolio worth €740 million by the end of 2019. Currently, the Socimi owns 17 assets worth €160 million, which generate annual income of more than €8 million.

Original story: Eje Prime

Translation/Summary: Carmel Drake

De Agostini Makes its Debut in Spanish Real Estate through DeA Capital

10 April 2019 – Voz Pópuli

The De Agostini group has announced its decision to make its debut in Spain and Portugal, where it will operate through DeACapital Real Estate Iberia.

The firm has been constituted as a joint venture, owned 72% by the Italian group DeA Capital S.p.A. and 28% by the local management team, led by Koldo Ibarra as the CEO.

The new company will primarily invest in offices and logistics assets across the Iberian peninsula.

DeA Capital S.p.A. is currently the largest Alternative Asset Management platform in Italy with assets under management worth €11.2 billion.

Original story: Voz Pópuli (by Alberto Ortín)

Translation/Summary: Carmel Drake

Blackstone’s Hotel Socimi Hispania Ceases Trading on the Stock Market

4 April 2019 – La Vanguardia

Hispania, the largest hotel owner in the country, will stop trading on the stock market from tomorrow Friday 5 April. This outcome has been on the cards since the Socimi, which owns 46 hotels located all over Spain, was taken over by the US fund Blackstone last year.

Blackstone paid €18.25 per share for the Socimi, compared with the firm’s debut price of €10.00. On Thursday, Hispania closed trading at €17.82 per share.

The Socimi, which is worth almost €2 billion, will abandon the stock market five years after making its debut in March 2014. It is the first Socimi to have trading in its shares terminated in this way.

Original story: La Vanguardia 

Translation/Summary: Carmel Drake

Vukile to Inject €600M into its Socimi Castellana Properties

5 March 2019 – Eje Prime

Vukile is going to inject €600 million into its Spanish Socimi, Castellana Properties, to enlarge its portfolio. The aim of the South African fund is to debut the Socimi, which specialises in shopping centres, on the main stock market during 2019.

The company currently owns 19 commercial assets in Spain worth €898 million and has a leverage ratio of 48%, but before making the leap onto the main stock market, the company wants to increase its asset portfolio to €1,500 million and reduce its leverage ratio to below 45%.

The plan is to carry out a €600 million capital increase, to finance the additional asset purchases, which will be subscribed by its main shareholder, Vukile.

Original story: Eje Prime

Translation: Carmel Drake

Retail Socimi Única’s Profit Soared by 42% in 2018

26 February 2019 – Eje Prime

Única Real Estate is on a roll. The Socimi, which specialises in retail premises, has presented its results for 2018, revealing 42% higher earnings than a year earlier. Specifically, the company recorded a profit of €495,498, compared to €348,060 in 2017.

In parallel, Única generated revenues of €19.7 million, which translates into growth of 49% compared to its turnover a year earlier. The company’s operating result amounted to €858,105 in 2018, up by 45.6% compared to a year earlier.

The Socimi also reported that its real estate portfolio ended the year with a market value of €44.8 million, according to a valuation carried out by Savills Consultores Inmobiliarios. In total, Única has 36 commercial premises, spanning 8,655 m2 (…).

Looking ahead, Única’s forecasts involve executing the corporate operation in which it has been immersed since the end of 2018, and which involves the purchase of 100% of the company’s shares by Vitruvio Real Estate Socimi (…).

Única completed its stock market debut in 2018, and started trading on the Alternative Investment Market (MAB) on 27 June. The Socimi ended the year with a market capitalisation of €30.5 million and a share price of €26.60, up by 1.6% compared to its debut.

Original story: Eje Prime 

Translation: Carmel Drake

Bankinter’s Socimi Negotiates the Purchase of Hotel Meliá Valencia

18 February 2019 – Expansión

Atom wants to strengthen its portfolio with the acquisition of one of the main hotels in Valencia for €50 million.

Bankinter’s hotel Socimi, Atom, wants to strengthen its portfolio and add the Meliá Valencia (formerly the Hilton Valencia) to its list of assets. The property is one of the main hotels in the city, located on Avenida de las Cortes Valencianas, close to the Palacio de Congresos.

Atom, which made its debut on the Alternative Investment Market (MAB) in November, is holding negotiations with the fund Colony to purchase the 4-star hotel for around €50 million, according to explanations provided by market sources speaking to Expansión. Those same sources state that, although the negotiations are in an advanced stage, no agreement has yet been reached between the parties.

History

The hotel, located in a tower standing more than 110m tall, was officially inaugurated in February 2008 and has had several owners since then. The establishment, which has around 300 rooms and 21 meeting rooms, with the capacity to host up to 875 people, is managed by Meliá.

Colony purchased this asset along with some other Spanish hotels just a year ago from the investor group Continental Property Investment, controlled by the Lebanese businessman Boutros El-Khouri (…).

With this operation, Atom would increase its portfolio, which currently comprises 21 hotels and 5,232 rooms, with a gross value of €485 million. 82% of the hotels in its portfolio are 4-star properties and 60% are holiday establishments (…).

Original story: Expansión (by R. Arroyo, R. Sampedro & A.C. Álvarez)

Translation: Carmel Drake