Tag: El Mirador de Cuenca

Incus Capital Finalises Sale Of 4 Shopping Centres

25 October 2016 – Expansión

Three years after arriving in the Spanish real estate market, the fund Incus Capital is getting ready to divest its positions, and whereby benefit from the boom in the market and reap the rewards of the investments it has made in shopping centres. Specifically, the fund is finalising the sale of four shopping centres for a total consideration of €150 million.

Incus is holding exclusive negotiations with Deutsche Bank regarding the sale of the Alcalá Magna shopping centre, located in the Madrilenian municipality of Alcalá de Henares, for €100 million. The German entity is turning its attention to these types of assets once again, after starring in the largest acquisition in the market so far this year with its purchase of Diagonal Mar (in Barcelona) for almost €500 million.

Profits

From the sale of Alcalá Magna, Incus Capital will generate significant profits just two years after acquiring the asset. Incus Capital bought Alcalá Magna for almost €82 million from the investment fund CBRE RPPSE, managed by CBRE Global Investors, in the summer of 2014. Alcalá Magna, which opened in 2007, has almost 100 retail units and a gross leasable surface area (GLA) of 35,000 m2.

The commercial complex, designed by the international studio Chapman Taylor, has many high profile tenants, including Zara, C&A, Cortefiel, Mercadona and Massimo Dutti.

In addition to Alcalá Magna, Incus Capital is going to sell another three shopping centres that it currently holds in its portfolio, namely: El Mirador de Cuenca, Alzamora in Alcoy (Alicante) and Los Alcores in Alcalá de Guadaíra (Sevilla). To this end, Incus is holding exclusive negotiations with the British fund Patron to sell those three assets for a combined price of almost €50 million. The operation is expected to close in December.

Incus was constituted in 2012 and its purchase of these three assets from Morgan Stanley for almost €30 million (80% less than Morgan Stanley paid for them in 2007) represented its first real estate operation in the country. El Mirador de Cuenca, inaugurated in November 2002, has a retail surface area of 24,723 m2 spread over four floors (two retail and two parking).

Los Alcores, which opened its doors in August 2003 in Alcalá de Guadaíra (Sevilla), has two shopping floors and one car park. Its two main tenants are Eroski and Cinesur. Meanwhile, Alzamora, which was inaugurated in Alcoy (Alicante) in October 2003, has three shopping floors, a Supercor and almost 600 parking spaces.

Original story: Expansión (by Rebeca Arroyo)

Translation: Carmel Drake

Incus Capital Puts 3 Shopping Centres Up For Sale

6 July 2016 – El Confidencial

The retail market is on a roll. Whilst a few weeks ago, it was revealed that the British fund Northwood is looking for a buyer for Diagonal Mar, the second largest shopping centre in Cataluña; now, another investor, Incus Capital, wants to unwind some of its positions and raise funds through the sale of three commercial assets, which it purchased three years ago from Morgan Stanley for €30 million.

The assets for sale, which have been baptised as “the good”, “the bad”, and “the ugly” are: El Mirador de Cuenca (Cuenca), Los Alcores (Alcalá de Guadaíra-Sevilla) and Alzamora (Alcoy-Alicante). Morgan Stanley and Grupo Lar purchased these three centres in 2007 for €116 million just before the real estate bubble burst, and sold them to Incus Capital six years later, at a loss of €80 million.

According to several market sources, these three assets are back on the market once again, although no offers have been received yet, since the sales process is still in its preliminary phase. The sources consulted state that Incus will successfully close the operation before the end of the year with significant profits, in other words, for more than €30 million. CBRE is advising Incus Capital on the sale, but neither of the companies wanted to make any comments about it.

The three assets are on the market together once again. “Investors buzzing over Spain are looking for reasonably-sized transactions, and so it makes more sense to sell these assets together than separately. Investors prefer to make one purchase amounting to €30 million, than three amounting to €10 million each”, said one expert in the sector, who explained that, although these are not prime assets, given that they are located in smaller cities, they are dominant in their respective regions and do not face any competition, which makes them very attractive. In addition, Incus has carried out a very active management (of the assets), which means that they now have higher occupancy rates and are in a better condition than three years ago”.

The shopping centre segment has been particularly dynamic in the last two years and, according to experts in the real estate market, total investment in 2016 may exceed the figures recorded in 2015 (€2,000 million). During the first quarter of this year alone, retail investment amounted to between €750 million and €800 million, with several high profile transactions, including the purchase of the Festival Park shopping centre in Mallorca for €100 million and the fund Invesco’s purchase of a portfolio of Eroski supermarkets for just over €350 million.

Incus Capital was created in 2013 and these three shopping centres became its first portfolio of assets in the Spanish market. The firm was created by Andrew Newton (ex-Lehman Brothers) and Alejandro Moya (ex-Morgan Stanley).

Original story: El Confidencial (by E. Sanz)

Translation: Carmel Drake