Tag: Deutsche Asset Management

Prologis Nears Acquisition of Colonial’s Logistics Portfolio

29 June 2019

Prologis is in the final stages of its attempt to acquire Colonial’s logistics assets. The socimi’s holdings include 12 logistics platforms and warehouses, with an estimated sales value of 450 million euros. The two firms expect to finalise the transaction during the coming month. Deutsche Asset Management and Blackstone had also been in the running to acquire the portfolio.

The principal asset in the portfolio is a 131,000-m2 logistics complex in the San Fernando industrial estate.

Original Story: Expansion

Deutsche Bank Puts its Socimi Trajano Iberia Up for Sale

9 October 2018 – Eje Prime

Trajano Iberia is up for sale. The Socimi, managed by the real estate investment division of Deutsche Asset Management, has expressed its willingness to receive offers to assess the possible sale of its shareholding, according to a statement filed by the company with the Alternative Investment Market (MAB). Trajano controls the Alcalá Magna shopping centre, for which it paid €100 million in 2016.

The listed company has requested the services of Credit Agricole Corporate and Investment Bank to sound out the market. The group has expressed its desire to find out about “the potential interest in purchasing shares that represent more than 50% of its share capital”.

Trajano Iberia recorded net profits of €2.63 million between January and June 2018, compared with €3.5 million during the same period in 2017. Despite the decrease in its net result, the listed company recorded revenues of €983 million during the first half of the year, up by 11.7% compared to the same period in 2017.

The Socimi, in which the Alcaraz family, the founders of the vehicle renting company Goldcar, holds a 10.5% stake, currently has five real estate assets in its portfolio: a mixed-use commercial and office building in Bilbao; a shopping centre in Portugal; an office complex in the north of Madrid; four logistics warehouses on the Campus Plaza industrial estate in Zaragoza; and a shopping centre in Alcalá de Henares (Madrid).

Trajano Iberia’s last major acquisition was its purchase of the Alcalá Magna shopping centre at the end of 2016. The company disbursed €100 million to acquire that asset located in the Spanish capital, which has a gross leasable area (GLA) of 34,165 m2 distributed over two levels.

The space, constructed in 2007 and with an occupancy rate of 95%, receives almost 5 million visitors per year and accumulates annual sales of around €64 million. Its tenants include firms such as Mercadona, Grupo Inditex and Mango, amongst others.

The company, which made its stock market debut in July 2015, reordered its Board of Directors in April. The company appointed Luis Antoñanzas, one of those responsible for the entity’s great fortunes, as CEO following the resignation of Carlos Gálvez Díaz de Bustamante, according to explanations provided by the group at the time.

Since then, Trajano Iberia’s Board has comprised 11 representatives, including José Moya, Chairman of the Board,  Vicente Fernández and Brigit Gabriele, as representatives of Deutsche Bank. Moreover, the Socimi’s management body includes representatives from companies such as Alcor, Dogalcar, Falagal and CNP Partners.

Original story: Eje Prime 

Translation: Carmel Drake

Goldcar’s Founders’ Socimi Earns €4.4 Million in 2017, Up 45%

27 March 2018

Trajano had a turnover of €18.7 million in 2017, double that in 2016. Its asset portfolio already has a value of 326 million euros.

The Alcaraz brothers’ socimi is on the right track. Trajano Iberia Socimi, managed by the real estate investment division of Deutsche Asset Management, closed 2017 with a net profit of 4.4 million euros, increasing its year-on-year profit by 45%, according to the company’s disclosure to the Alternative Stock Market (MAB).

The Alcaraz brothers, the founders of the Goldcar vehicle leasing company, hold a 10.5% stake in the publicly listed company. The socimi closed last year with a gross operating profit (EBITDA) of 12.6 million euros, twice the amount in 2016.

Trajano’s gross asset value in portfolio (GAV) rose to 326 million euros in 2017, while the net value (NAV) reached 12.5 euros per share, an increase of 25%.

After its acquisition of the Alcalá Magna shopping centre in February of last year, the socimi is one hundred percent invested. The company currently has five “maximum quality” operating assets, with a leasable area of almost 151,000 square meters and an occupancy rate of 98%.

In addition to Alcalá Magna, the company manages the following assets: Parque Logístico Plaza in Zaragoza; the Echevarría building in Bilbao; the Nosso shopping centre in Vila Real, Portugal; and the Isla de Manoteras business park in Madrid.

The company’s net financial debt on the value of its assets amounted to 138.7 million euros at the end of 2017, a figure significantly higher than the 42.1 million euros on December 31, 2016.

Original Story: EjePrime

Translation: Richard Turner

Trajano Iberia Buys Alcalá Magna Shopping Centre For €100M

3 February 2017 – Expansión

The Socimi Trajano Iberia, which is managed by the real estate division of Deutsche Asset Management, has purchased the Alcalá Magna shopping centre from Incus Capital, for €100 million.

According to a statement released by the Socimi, the shopping centre is located in one of the main residential areas of Alcalá de Henares (Madrid). It has a commercial surface area of 34,165 m2, spread over two levels, and 1,204 parking spaces, spread over two underground floors.

Its tenants include high profile brands from the Inditex group, led by Zara, as well as several recent arrivals, such as Lefties, H&M, Mango, Mercadona, a Virgin Active gym and restaurant groups.

The space, constructed in 2007, has an occupancy rate of more than 95%, receives almost 5 million visitors a year and generates annual sales of around €64 million.

Following this operation, Trajano Iberia has now made investments amounting to €282 million since its launch in June 2015. It currently has five assets in its portfolio, with a total surface area under management of 151,000 m2.

This new investment takes the company to 100% of its investment capacity once again, following its second capital increase, which was carried out in October, amounting to €47.2 million.

For this transaction, the company was advised by Deloitte, JLL and Garrigues. The vendor was advised by CBRE and Dentons.

Original story: Expansión

Translation: Carmel Drake

Deutsche AM Finances 51% of Neinver & TH RE’s Nassica Purchase

20 December 2016 – Cuatro

Deutsche Asset Management (AM) has granted a loan amounting to €71.5 million to the joint venture between TH Real Estate and Neinver to finance its acquisition of the Nassica shopping and leisure centre in Madrid, whereby contributing 51% of the €140 million that was disbursed for the transaction.

Deutsche AM reported that the financing will be provided through its senior debt real estate fund.

At the beginning of November, TH Real Estate and Neinver completed the purchase of the Nassica shopping centre from the private equity firm KKR for €140 million.

At the beginning of 2015, Neinver and TH Real Estate signed a strategic alliance to create a leading platform of outlet centres in Europe, in which they each hold a 50% stake and through which they own several assets, in addition to the complex located in Getafe.

Constructed in 2002 and located in Getafe, in the south of Madrid, Nassica has a surface area of 53,000 m2, which is divided into 44 spaces for retail, restaurants and leisure.

The property, which was completely renovated in 2015, has a high occupancy rate and a large variety of retail outlets, including a Carrefour, MediaMarkt and Toys R Us, as well as other domestic and international brands.

The shopping centre attracts 6.4 million visitors per year and is easy to access given its strategic location close to two major highways. Moreover, it is next to The Style Outlets, an important shopping centre, which is managed by Neinver. (…).

Recently, Deutsche’s real estate debt investment division completed the €57 million refinancing of a portfolio of investments in Mayfair, London, as well as a new €750 million mandate for a German institutional client.

Deutsche AM’s real estate debt business has a total volume of €2,000 million (as at 7 November 2016).

Original story: Cuatro

Translation: Carmel Drake

Trajano Iberia Buys 4 Logistics Warehouses For €42.9M

5 December 2016 – Heraldo

The Socimi Trajano Iberia, which is listed on the Alternative Investment Market (MAB) and which is managed by the real estate investment division of Deutsche Asset Management, has purchased four logistics warehouses in Zaragoza for €42.9 million, according to reports from sources at the company on Friday.

The assets are located in the Campus Plaza 3.84 industrial estate in Zaragoza, the city’s main logistics centre. The location is “strategic” given that it is at the centre of Spain’s main logistics thoroughfares (between Madrid-Barcelona and Euskadi-Valencia), according to the sources.

The assets, which are leased in their entirety to 6 tenants, have a combined surface area of 72,484 m2 and 68 loading bays.

The average life of the contracts (until the first maturity date) exceeds 6.5 years. The longest lease is not due to expire for more than 10 years.

After completing this purchase, Trajano Iberia has now invested €181 million in total. It has a combined managed surface area of 117,000 m2 and an average purchase yield of 6.7%.

The company’s current product mix comprises: offices (31%), shopping centres (34%), logistics assets (22%) and high street stores (13%).

In October, the company completed a €47 million capital increase in order to undertake additional investments amounting to between €95 million and €100 million.

The Trajano Iberia Socimi was created in June 2015, with the aim of investing in a mixed portfolio of diverse properties in Spain and Portugal, primarily for rental.

Since its constitution, the company has raised funds amounting to €142 million and has carried out the procedures necessary to enable it to be listed on the MAB, which is a necessary requirement for it to be allowed to operate as a Socimi, say the sources.

Original story: Heraldo

Translation: Carmel Drake

Trajano Iberia Completes €47.2M Capital Increase

24 October 2016 – Valencia Plaza

Trajano Iberia has successfully completed the €47.2 million capital increase that it launched in September to raise funds in order to “take advantage of the real estate opportunities that are arising, and whereby continue to grow”, according to a statement made by the Socimi which is listed on the MAB.

The operation will grant the firm, which is managed by the real estate investment division of Deutsche Asset Management, additional investment capacity of between €95 million and €100 million.

Since its constitution in March 2015, Trajano has executed investments amounting to €139.5 million. In addition, it recently agreed the purchase of a logistics asset for €43 million.

In terms of the capital increase, it has been subscribed almost in its entirety by the Socimi’s current shareholders, most of whom are clients of Deutsche Bank Wealth Management, which according to the company “is indicative of investor confidence in its project”.

Trajano Iberia focuses its strategy on acquiring real estate assets, mainly offices and commercial premises and primarily in Madrid and Barcelona, although it is now also considering investing in other large Spanish cities and in Lisbon. Office buildings account for 60% of its portfolio, shopping centres account for another 30% and logistics assets make up the remaining 10%.

Original story: Valencia Plaza

Translation: Carmel Drake

Some House Prices Have Risen By 20% Since Q1 2015

10 October 2016 – Expansión

Money is seeking refuge and returns in the real estate sector once again. Real estate assets, which experienced such significant gains at the beginning of the century and which, shortly thereafter, generated so many problems, represent one of the main options for investors in Spain once again. The significant instability that we are seeing in the stock markets; the absence of attractive investment products from the banks; and the many doubts hanging over the global economic recovery, mean that many investors are now backing the security being offered by the, until recently, maligned Spanish real estate sector.

“In the current economic climate, characterised by market volatility and negative interest rates, the real estate sector, and in particular, the luxury residential segment, is becoming the safest choice for investors”, explained sources at the real estate consultancy firm Knight Frank.

These data are corroborated by the evolution of prices in some of the main areas of Madrid and Barcelona. According to data published by the appraisal company Tinsa, since Q1 2015, which is when it is considered that prices in the sector hit rock bottom, prices in the centre of Madrid have soared by more than 10%. Specifically, in the neighbourhood of Salamanca, the increase has been almost as high and the price per sqm now amounts to €3,500/sqm. The increase in the Cataluñan capital is even more pronounced and in the Ensanche de Barcelona area, prices have risen by 20%, from €2,717/sqm at the beginning of 2015 to more than €3,200 at the end of Q3 2016. Moreover, prices rose by more than 15% in the Gracia neighbourhood and by 13% in Sarriá.

This situation is the result of the economic recovery in the country, but also the apepal that the real estate sector has for overseas investors. According to Knight Frank, Latin America and European investors are being very active in their purchases, given that prices fall well below those seen in cities such as Paris, London and Milan.

This good image of the Spanish property sector overseas is going to be maintained over the next few years. That is according to Deutsche Asset Management, which reaffirmed its advice to “buy” in the real estate sector in Spain in a recent report.

“We expect significant returns to be generated (…), well above those being offered in other European markets”, it said.

The only problem that both the manager of Deutsche Bank and Knight Frank are concerned by is political instability. In fact, the real estate consultancy said that “we cannot avoid the situation of political uncertainty that Spain has been living for the last 10 months (…). Activity has been good in the sector but with a stable Government, the growth rate could have been exponential”.

Nevertheless, this obstacle is not likely to outweigh the attractive returns being offered by the sector. According to forecasts from the consultancy CBRE, real estate investment between now and the end of the year is expected to amount to almost €3,000 million, taking the total for the year to between €8,500 million and €9,000 million.

Original story: Expansión (by Daniel Viaña and César Urrutia)

Translation: Carmel Drake

Socimi Trajano Iberia Launches €47.2M Capital Increase

7 September 2016 – Expansión

The Socimi Trajano Iberia, which is listed on the MAB and managed by the real estate investment division of Deutsche Asset Management, is going to carry out a capital increase amounting to €47.2 million, with the aim of raising new funds to allow it to continue to benefit from the real estate cycle in Spain and Portugal.

The Socimi, which expects to have invested all of its initial funds (€182 million) by the end of this year, is on the look out for new investment opportunities.

On 14 June, Trajano approved a capital increase amounting to a maximum of €47,238,400, through the issue and placing into circulation of 4,723,840 new ordinary shares at €10/share, which represents a discount of 6% on the company’s current share price (of €10.65 per share) and 5% on its latest NAV, published at the end of 2015 (of €10.52 per share).

Trading of the subscription rights is expected to begin on 12 September and the preferential subscription period will last for one month.

The Company’s Board of Directors has ratified its plans to participate in the increase covering at least 58% of the maximum amount, which will amount to €27.5 million.

The team responsible for Deutsche Asset Management’s real estate division in Spain and Portfolio has undertaken transactions amounting to almost €1,000 million over the last 15 months and currently has a portfolio of assets under management amounting to around €1,300 million. To date, the Iberian portfolio comprises 17 real estate assets: 7 shopping centres, 7 office buildings and 3 logistics assets, with a combined leasable surface area of around 400,000 sqm.

Original story: Expansión

Translation: Carmel Drake