Tag: domestic market

TM Buys 165,000 m2 of Land in Benidorm

8 January 2018 – Eje Prime

TM Grupo Inmobiliario is starting 2018 with the largest purchase in its history. The property developer specialising in the construction and sale of large residential developments on the Mediterranean Coast has acquired 165,000 m2 of land in Benidorm. This purchase represents the company’s largest investment in land since it was created in 1969.

The acquired land is located one road back from the beach Playa Poniente in Benidorm and most of it will be used to build homes. The first properties are expected to go up for sale in the summer of 2019, which means that the first phase of constructed homes would be handed over in the middle of 2020.

This operation, the fourth undertaken by TM in the Alicante municipality in the last three years, not only completes the sales forecast per the company’s strategic plan for 2015-2019, it also assures its activity in the area for the next 10 years. The project will involve the development of around 1,200 homes in residential developments targeting both the domestic and European market, according to explanations provided by the group in a statement.

During this period, the company expects to invest around €260 million, over several phases of execution lasting two years each. Since 2015, TM Grupo Inmobiliario has successfully carried out the development, execution and sale of other developments in Benidorm, namely: Ocean Drive, Sunset Drive and ‘La Ermita del Mediterráneo’ in El Tosal.

Original story: Eje Prime

Translation: Carmel Drake

Socimi Ores Buys Portimão Shopping Centre In Portugal

7 April 2017 – Idealista

(…) After completing its first purchases last week, Ores, the Socimi backed by Bankinter and the Portuguese real estate company Sonae Sierra, has now made its debut in the Portuguese market with the acquisition of the company Portitail, which owns the Portimão shopping centre, located in Portimão (in the Algarve region), although the operation still needs to be approved by the competition authorities in Portugal.

Olimpo Real Estate, whose commercial name is Ores, has been trading on the ever-growing Socimi segment of the Alternative Investment Market (MAB) for just over a month. It debuted on the MAB on 22 February without any assets in its portfolio and with a market value of €200 million. Currently, its market capitalisation amounts to €202.6 million, after a slight increase in its share price in recent weeks.

The company came to the market with a very clear objective: to invest around €400 million in high street commercial premises, supermarkets and hypermarkets, retail park spaces (less than 20,000 m2), bank branches and unitary assets with long-lasting lease contracts and solvent tenants.

In fact, its intention is to look for commercial assets in good locations, in the main cities in Spain and Portugal. The domestic market will account for around 65% of the portfolio, whilst the remaining 35% will be invested in Portugal. The investment plan is due to be completed by the end of 2018.

According to the IPO document, Olimpo Real Estate has a period of five years (specifically, until 29 December 2021) to liquidate its entire portfolio of assets, otherwise, it must retain them for another five years. In this case, and once 10 years have elapsed since its launch, a shareholders’ meeting will be called to decide whether to continue the company’s activity or liquidate it.

Original story: Idealista (by Ana P. Alarcos)

Translation: Carmel Drake