Mif Capital Expands its RE Business with 3 New Projects in Barcelona

14 May 2018 – Eje Prime

The property developer founded by Carles Maurí and Gregorio Ferrer Cervera will begin three new projects this year in the districts of Eixample and Sarrià. During its five year life, the real estate company has generated revenues of €20 million with developments completed exclusively in the Catalan capital.

Mif Capital will fulfil its annual objective in 2018: to start between two and three residential projects in Barcelona. The real estate company, founded in 2013 by Carles Maurí and Gregorio Ferrer, will start work on the renovation of a residential building in the Eixample district after the summer, and will also launch “two more projects at the end of the year”, both located in the Catalan capital, according to Maurí speaking to Eje Prime.

The executive, who has two decades of experience in major real estate companies, and his partner, together lead this property developer, which is finalising the handover of its latest project, in the heart of the Gràcia neighbourhood. The six renovated homes will be added to the two apartments that the company finished refurbishing recently on Avenida Diagonal. All of them are located in Barcelona because “we are based here, we like the city and we believe that it is a good location in which to develop real estate”, says the businessman.

Mif Capital’s new projects will adopt the same style as the five developments undertaken to date and will involve the renovation and sale of properties in prime locations. “In some cases, the homes are destined for rent and in others for sale”, explains Maurí, who has built up the company from nothing alongside Ferrer, and who says that “Between the two of us we take care of all the acquisitions and management of the assets” (…).

 “We want to grow organically” 

“We purchase buildings in which we would like to live”, responds Maurí to a question about what type of properties that most interest both him and his partner. In this sense, most of Mif Capital’s projects go up for sale, although the real estate company has also constructed some homes for rent. “Nevertheless, we are not interested in, nor do we own any tourist apartments”, says the businessman.

The founding partner of the real estate company knows the Barcelona real estate market well. He began his career in 1998 on the Diagonal Mar shopping centre project, when he was the Director of Business for Hines for five years. Subsequently, Maurí worked for Copcisa, the construction group owned by the Carbonell family, and then for Layetana Inmobiliaria, which built the iconic Torre Glòries, now owned by Merlin.

That experience led the co-founder of Mif Capital to Servihabitat, the servicer of La Caixa. After three years as the National Director of the bank’s real estate arm, during a time of deep recession in the sector, he decided to set up a new company with Ferrer (…).

The first asset that entered the property developer’s portfolio was a building located at number 42 Rambla Catalunya (…).

After two “very good” years, the objective of the real estate company for the next few years is “to continue with the same business plan”, with the aim of “continuing to grow organically”. With a clear focus on the city of Barcelona.

Original story: Eje Prime (by J. Izquierdo)

Translation: Carmel Drake

Deutsche Bank Acquires L’Aljub Shopping Centre in Elche for €170M

8 May 2018 – Expansión

Deutsche Bank is increasing its commitment to the Spanish retail sector by adding the L’Aljub shopping centre in Elche to its portfolio of assets in Spain.

Specifically, the German bank has signed an agreement with the fund Seva (Southern European Value-Add Mandate), managed by TH Real Estate for the investors TPG Real Estate – the real estate platform of the international manager TPG – and Partners Group, for €170 million.

The operation has been advised by the consultancy firm Cushman & Wakefield, which has worked with the vendor, whilst CBRE has advised on the buy side.

With this acquisition, the entity is strengthening its position in the commercial sector in the country. In August 2016, Deutsche Bank purchased the Diagonal Mar shopping centre from Northwood for €495 million. That operation was the second largest transaction ever closed in the shopping centre sector in Spain, after the purchase of Xanadú.

Moreover, Trajano – the Socimi managed by Deutsche Bank – purchased the Alcalá Magna shopping centre from Incus Capital for just over €100 million at the beginning of last year. In addition, the firm also owns the Salera shopping centre in Castellón de la Plana.

The L’Aljub shopping centre was inaugurated in 2003 and spans more than 60,000 m2, spread over two floors and with a large underground car park.

Besides the commercial and leisure offering, L’Aljub is home to an Eroski hypermarket on the ground floor.

Specifically, the shopping centre contains 120 shops and has 3,200 parking spaces. Its most high-profile tenants include Inditex, H&M, Primark, Mango and Cines ABC.

Original story: Expansión (by Rebeca Arroyo)

Translation: Carmel Drake

Axa Buys Remaining 45% Of Hotel Diagonal Mar For €70M

17 November 2017 – Eje Prime

Axa Real Estate is not one to rest on its laurels and so has acquired 100% of Hotel Diagonal Mar in Barcelona. The real estate arm of the French insurance company has committed to paying Iberdrola Inmobiliaria €70 million for the remaining 45% of the establishment to become the sole owner of the property, after it paid €80 million in June of this year for the other 55%.

With just over a month to go before the end of the year, this agreement represents the most important in the hotel sector in Barcelona, and one of the most significant in Spain. According to El Economista, this second payment will have been pre-determined by the two parties in the summer, when Axa’s first investment in the asset materialised.

Hotel Diagonal Mar is a property intended for holiday and convention (business) tourism, in the area of the same name, alongside the shopping centre of the same name, which Deutsche Bank purchased last year for €495 million. The four-star establishment is just 400m from the beach, has 413 rooms and 20 suites, as well as a large banquet room with capacity for one thousand guests and fifteen meeting rooms. The hotel was constructed by Iberdrola, after that firm reached an agreement with the chain Hilton, which has operated the establishment since then.

With this purchase, Axa is strengthening its interest in the hotel real estate business in Spain. In Madrid, it acquired Cine Rex on Gran Vía through the same real estate arm with which it has purchased the hotel in Barcelona. In that operation, the insurance company disbursed around €40 million to the firm Equity Inmuebles SL, controlled by the Mazin, Calero and Briones families.

Meanwhile, Iberdrola has completely disposed of one of its real estate jewels, but still operates a real estate portfolio with a gross leasable area of more than 200,000 m2 and an asset value of more than €600 million.

Original story: Eje Prime

Translation: Carmel Drake