BlackRock Increases Stake In Merlin & Invests In Lar

25 September 2015 – Cinco Días

The fund BlackRock has strengthened its commitment to the Spanish Socimis, by increasing its stake in Merlin Properties to exceed the 5% threshold and by acquiring a stake in Lar España, snapping up 3.41% of the company’s shares.

In this way, the fund now has a combined total investment worth approximately €200 million in these two companies, based on the respective, current prices of the two companies on the stock market.

Specifically, BlackRock has increased its stake in Merlin from 3.20% to 5.516%, according to the register of Spain’s National Securities Market Commission (CNMV).

The fund increased its shareholding in Merlin, currently valued at €188 million, after the Socimi took control of Testa, the former subsidiary of Sacyr. Merlin, which is led by Ismael Clemente, plans to merge with Testa and whereby create the largest real estate company in the country, with total assets worth more than €5,000 million.

UBS also holds a stake of around 4% in this listed company.

Meanwhile, the shareholding acquired in Lar España is worth around €18 million. In this case, BlackRock joins several other investment funds and companies that already hold shares in the Socimi, such as Franklin Templeton Institutional, Pimco, Ameriprise Financial and Bestinver.

This summer, Lar España closed a €135 million capital increase and it will use the funds to continue its growth plans through the purchase of new assets.

Corpfin’s debut on MAB

Meanwhile, Corpfin Capital Prime Retail, the Socimi that manages retail premises on the some of the country’s most important high streets, will debut on the Alternative Investment Market (‘Mercado Alternativo Bursátil’ or MAB) today at a price of €1.60 per share, which values the company at €23.28 million.

Autonomy’s IPO

Corpfin will be the tenth Socimi to go public on the MAB after yesterday’s debut of Autonomy Spain Real Estate, whose shares closed trading up 1.52% at €16.75 per share. The company owns six office buildings.

Original story: Cinco Días

Translation: Carmel Drake

Corpfin Capital To Debut On MAB At €1.60/Share

24 September 2015 – Europa Press

Corpfin Capital Prime Retail, the Socimi that manages retail premises on several Spanish high streets, will make its debut on the Alternative Investment Market (‘Mercado Alternativo Bursátil’ or MAB) this Friday 25 September, at a price of €1.60 per share, representing a company market value of €23.28 million.

Corpfin will be the tenth Socimi to go public on MAB after Autonomy Spain Real Estate, which is due to debut today (Thursday).

Corpfin manages 12 retail premises in total, located on the main shopping streets in Madrid, San Sebastián, Vitoria and Burgos.

In the capital, its assets are located on the so-called “Golden Mile”, in other words, on Calles Serrano and Goya, as well as on Calles Princesa and Fuencarral.

Corpfin explains that it “fully owns” the properties in which its retail premises are located, with the exception of the two buildings on Princesa and Goya.

Tenants

Corpfin’s tenants include brands from the textile group Inditex, Mango, Décimas, Vodafone and La Sureña.

The company is seeking to raise funds through its debut on the MAB, which it will use to finance its future growth and purchase new assets, as well as to open itself up to new investors.

Corpfin Capital Real Estate is led by Javier Basagoiti Miranda, a former director of Ferrovial Inmobiliaria and Martinsa Fadesa, who has 28 years of experience in the real estate sector. Mr Basagoiti Miranda is currently also a Senior Advisor at KPMG in the Corporate Finance & Real Estate team.

Original story: Europa Press

Translation: Carmel Drake

Iba Capital’s Socimi, Zambal, Will List This Year

17 September 2015 – Expansión

The Socimi Zambal, created by the fund manager Iba Capital, is finalising its debut on the stock exchange before the end of the year. Its main assets include the headquarters of BMW, Enagás and Día in Madrid and the ABC Serrano shopping centre, also in the capital.

A new mega Socimi is preparing to debut on the stock market in 2015. The company in question is Zambal Spain, the listed real estate investment company created by the fund manager Iba Capital. With assets worth €500 million, the company will list on the MAB stock exchange before the end of the year. “We are not in any rush, but our aim is to go public before the end of the year”, explains Thierry Julienne, the President of IBA and of Zambal.

Since closing its first acquisition in 2013, the fund manager has created one of the most desirable portfolios in the market and plans to invest a further €1,000 million in new acquisitions. “We aim to invest a further €500 million in assets with a core profile in Madrid and Barcelona, through Zambal Spain, plus an additional €500 million with a value-added profile (those that require active management) in Spain’s main regional capital cities, through other vehicles”, explained Julienne in a statement.

The Socimi closed its first operation in Spain in the summer of 2013, when it purchased a building in Plaza Cataluña, Barcelona, from El Corte Inglés for €100 million. At the end of that year, it bought the ABC Serrano shopping centre and an office complex, located on Avenida de San Luis, 25, both in Madrid, from the real estate company Reyal Urbis, which had filed for bankruptcy in the February of that year. The office houses the headquarters of the communication group Unidad Editorial (which edits Expansión, El Mundo and Marca, amongst others).

Over the last two years, Zambal has added the headquarters of other famous brands to its portfolio. In December 2013, Iba purchased Torres Ágora from the real estate company Colonial; the property is leased in its entirety to the Ministry of Foreign Affairs. The Socimi spent €73 million on its purchase of that office complex.

In 2014, the fund manager acquired Enagás’ headquarters in Madrid for €35 million and then Día’s headquarters for €30 million.

At the beginning of this year, Iba purchased BMW’s head offices in Spain, located in the north west of the capital. It paid €41 million to the French real estate company Gecina for the property, which measures 11,680 m2.

In addition to its extensive portfolio of offices, the Socimi also owns a retail building on Calle Preciados, 9, which it acquired from El Corte Inglés in 2013 for €50 million. Once the renovation of the property has been completed, it will house a major international fashion company.

Both the Socimi and the fund manager are led by Thierry Julienne, the former director of the consultancy Exa in Spain. Its investors include major European and American investors.

Original story: Expansión (by Rocío Ruiz)

Translation: Carmel Drake

New Hotel Socimi ‘Obsido’ To Debut On MAB In Sept

5 August 2015 – Idealista

Obsido Socimi, whose portfolio of retail assets is concentrated in Málaga, is set to become the next Socimi to list on the stock market in Spain; and it will do so in September, with a market value of €21.39 million….and a share price of €19.40.

Following the recent debuts of the Socimis owned by Blackstone and Deutsche Bank, Obsido will become the seventh Socimi to list on the Alternative Investment Market (‘Mercado Alternativo Bursátil’ or MAB). (…).

According to the company’s prospectus, Obsido Socimi is backed by Spanish and Norwegian capital. Håkan Tollefsen controls a 33.165% stake in the company (365,683 shares), as does Joaquín Hinojosa, whilst the Obsido Group, the parent company, holds a 0.26% stake (2,850 shares) and the other minority shareholders own the remaining shares (33.41%).

The company, which has the support of Armabex as the registered advisor and Banco Sabadell as the liquidity provider, has focused its real estate portfolio on Málaga, specifically two hotels in Marbella, according to Antonio Fernández, President of Armabex.

“All of the properties in the company’s real estate portfolio are located in the province of Málaga. As a result, the company’s business depends to a large extent on the overall economic conditions in the province and on demand for hotels in that area in particular”.

The seventh Socimi to list on MAB

Obsido is the seventh Socimi to debut on this exchange, which is also home to small companies looking to obtain financing to accelerate their expansion and SICAVs (the investment vehicles used by high net worth individuals).

The most recent Socimi to list on MAB was Trajano Iberia, owned by Deutsche Bank, which debuted on 30 July,… In addition, Entrecampos, Mercal Inmuebles, Promorent, Uro Property and Fidere (Blackstone’s Socimi) complete the line-up of Socimis listed on this alternative investment platform.

One thing is certain, Obsido will not be the last Socimi to debut on this market. In fact, analysts expect that the MAB will receive a new wave of Socimis after the summer.

Original story: Idealista

Translation: Carmel Drake

Deutsche’s Socimi Trajano Debuts On MAB With A 4% Rise

31 July 2015 – Expansión

The socimi Trajano Iberia, which is managed and promoted by a division of Deutsche Bank, has debuted on the Alternative Investment Market (‘Mercado Alternativo Bursátil’ or MAB) with a rise of 4.01%, which saw its share price increase to €10.38.

By 12:00h, 2,650 shares in the company had been traded for a total price of €27,507.

The company, which yesterday became the sixth socimi to list on the market, debuted on the stock market after completing a €94.8 million capital increase, carried out by investors in the Wealth Management division of Deutsche Bank in Spain.

The company debuted on the market at a price of €9.98 per share, according to Spain’s Stock Exchanges and Markets body (‘Bolsas y Mercados Españoles’ or BME).

Trajano’s shares are traded through a price-setting system, which matches supply and demand through two daily auctions or “fixings” (at 12:00h and 16:00h).

The socimi has its eyes firmly set on office assets in “semi prime” locations in Madrid and Barcelona and “prime” locations in secondary cities. It is also looking at shopping centres and retail parks, as well as logistics assets in Madrid, Barcelona, Zaragoza, Valencia and the País Vasco.

The company expects to complete its investments within a maximum period of 24 months, although that timeframe may be reduced in light of the strong sentimient that currently exist in the real estate sector.

The company is managed by the team responsible for the real estate division of Deutsche Asset & Wealth Management in Spain and Portugal.

Currently, the entity manages real estate assets worth more than €46,000 million around the world, and €740 million in Spain and Portugal.

Deloitte acted as the Registered Advisor and BEKA Finance as the liquidity provider. (…).

Since last year, several companies have listed on the stock market under the socimi structure, including: Lar España Real Estate, Hispania, Merlin Properties, Axiare and Uro Property.

Original story: Expansión

Translation: Carmel Drake

Deutsche’s Socimi Trajano To List On MAB On 30 July

27 July 2015 – El Día

The Socimi Trajano Iberia, which is managed and promoted by a division of Deutsche Bank, will begin trading on the Alternative Investment Market (Mercado Alternativo Bursátil or MAB) on 30 July, whereby becoming the sixth listed real estate investment company to be publicly traded on the stock exchange.

Trajano will debut on the MAB once it has completed its €94.8 million capital increase, which is being led by investors of the Wealth Management division of Deutsche Bank in Spain.

Under the ticker “YTRA”, the company will debut on the stock market at a share price of €9.98, according to a statement by the Spanish Stock Exchanges and Markets (‘Bolsas y Mercados Españoles’ or BME).

The listing will be performed through a price-fixing system with the matching of supply and demand in two daily auctions or “fixing” periods (at 12:00h and 16:00h).

Trajano Iberia will invest in offices in “semi-prime” locations in Madrid and Barcelona and in “prime” areas of secondary cities. It will also seek out shopping centres and retail parks, as well as logistics assets in Madrid, Barcelona, Zaragoza, Valencia and the País Vasco.

According to the company’s strategic plan, Trajano Iberia will materialise its investments within a maximum period of 24 months, however the management team considers that this period could be reduced on the basis of the strong prospects that the real estate sector is currently enjoying.

The company will be managed by the team responsible for the real estate division of Deustche Asset & Wealth Management in Spain and Portugal.

Currently, Deutsche Bank manages real estate assets worth more than €46,000 million around the world and €740 million in Spain and Portugal.

Deloitte is acting as the registered advisor and BEKA Finance as the liquidity provider. Since last year, several companies have listed publicly under the Socimi structure.

The first company to debut on the stock exchange was Lar España Real Estate, on 5 March, with initial capital of €400 million. The next company to list in the sector was Hispania, the listed company controlled by the fund manager Azora and owned by the multimillionaires George Soros and John Paulson, who subsequently created a Socimi through which they have made several purchases.

Meanwhile on 30 June, the Socimi Merlin Properties, starred in the largest IPO since 2011 with a valuation of €1,250 million. Axiare also listed on the stock exchange, with a valuation of €360 million, as did Uro Property, the Socimi that owns one third of Santander’s branches.

Original story: El Día

Translation: Carmel Drake

Blackstone Finalises MAB Listing Of Its VPOs In Spain

3 June 2015 – Expansión

Almost 3,000 VPOs / The US fund is completing the final steps for the IPO of its Spanish subsidiary Fidere Patriomonio on MAB. It will do so through a small private placement, advised by Renta 4 and Clifford Chance.

The social housing that Blackstone owns in Spain will be listed on the stock exchange within the next few weeks. The US fund is working on the debut of its subsidiary, the Socimi Fidere Patrimonio, on the Alternative Stock Exchange (Mercado Alternativo Bursátil or MAB); the subsidiary  purchased almost 3,000 social housing properties (VPO) during the crisis.

The US investor has engaged Renta 4 as its advisor and Clifford Chance as its legal advisor for its market debut. The operation, which is still pending approval by several authorities, will replicate the model used by Uro Property, the Socimi that owns a third of Santander’s branch network in Spain.

Thus, Fidere Patrimonio will float by listing – through a private placement – the minimum amount of capital required by law, i.e. around €2 million. The Socimi will list on the MAB with the goal of not losing the tax relief afforded to this kind of company, including exemptions for the payment of Corporation Tax.

Progress

As part of the listing process, Fidere has: appointed Iberclear as the accounting entity; created a website for investors; and amended its bylaws.

According to Blackstone, the MAB listing will be completed before the summer. Fidere’s market debut comes at a time when the local and regional election results are threatening to change the rules of the game with respect to the public sale of social housing.

In fact, Blackstone purchased the majority of its 3,000 VPO homes from the Municipal Company for Land and Housing (Empresa Municipal de Vivienda y Suelo or EMVS). The US fund paid €125.5 million for 18 residential developments in July 2013, which included 1,860 homes in total. The developments are located in the Madrilenian neighbourhoods of Carabanchel, Centro, Villa de Vallecas and Villaverde.

Subsequently, the fund complemented Fidere’s portfolio with other transactions. In November 2013, it purchased another 420 VPO homes from FCC for just over €30 million.

Two months later, the US fund won the auction to buy 600 VPO homes from Sareb, for which it paid almost €50 million. Most of the homes came from Catalunya Banc and Bankia, and were located in Madrid, Barcelona and Guadalajara.

In August 2014, Blackstone closed its final major purchase of VPO homes. The fund acquired 26 of Bankia’s real estate development companies, which included 3,000 homes in different stages of development: completed, under construction and in the initial phase. Initially, only one of the 26 companies has been included in Fidere.

Fidere’s board is led by two of Blackstone’s executives, Francois Bossy Jean – Chairman – and Diego San José – Director of the RE business at the fund – , together with an executive from the consultancy firm Magic Real Estate, Miguel Oñate.

Plans for growth

Beyond the listing on MAB, Blackstone is planning to continue to acquire rental housing so that Fidere can become one of the key players in this market in Spain. Once it is listed on the stock exchange, new investors will be able to enter through capital increases and the sale of shares.

With its stock market debut, Fidere will become the eighth Socimi to list on the stock market since the regulations changed at the end of 2013.

Original story: Expansión (by J. Zuloagar and R. Ruiz)

Translation: Carmel Drake