Tag: Enagás

EspañaDuero Finalises Sale of its Madrid HQ

19 December 2017 – El Economista

Over the next few weeks, EspañaDuero will close the sale of its headquarters in Madrid, located on Calle Titán 8, according to confirmation from various sources in the sector, who say that the entity is holding advanced, exclusive negotiations with an investor.

The entity, which is soon going to be completely integrated into Unicaja Banco, declined to comment about the operation. However, this sale is reminiscent of the divestment strategy that the entity has been carrying out in recent years.

The office block that is about to be sold is located in the Méndez Álvaro area of the Spanish capital, overlooking the M-30 ring road. It also houses the offices of Enagás and Nozar, the former owner of the property. In this way, Caja Duero acquired the building for €55.8 million in 2008, a price that is €9 million higher than its current valuation.

At the end of 2011, following the merger of the entity with Caja España, which resulted in the creation of the current EspañaDuero, the combined company moved its offices to Caja Duero’s headquarters in Madrid, on Calle Marqués de Villamagna, 6.

In 2015, the company began a period of office restructuring, which led it to sell one of its real estate jewels: the former headquarters of Caja España in Madrid, on Calle Velázquez 23, in the heart of the Salamanca neighbourhood.

A year later, in the middle of 2016, EspañaDuero decided to move its headquarters again and vacate the offices on Marqués de Villamagna, very close to Madrid’s Paseo de la Castellana. The entity put them up for sale for €90 million and moved to Titán 8. Now, history is repeating itself, as the entity continues to sell off property, in a discrete sales process being advised by the consultancy firm Irea, according to the same sources.

The 13-storey building, including one underground floor and three basement levels for parking, has a total surface area, including the outside space, of 18,152 m2, of which 10,711 m2 are offices and 6,643 m2 are garages, with 212 parking spaces.

Currently, the property has almost 3,000 m2 of office space available for rent, which is being marketed by Knight Frank and Aguirre Newman.

Original story: El Economista (by Alba Brualla)

Translation: Carmel Drake

Who’s Who Behind The MAB’s Largest Socimis?

6 February 2017 – Expansión

The majority of Spain’s Socimis are now listed on the Alternative Investment Market (MAB). They have a combined market capitalisation of €3,500 million and so account for 68.5% of the value of that market, which is aimed at small and medium-sized companies.

In total, 29 real estate companies form part of the MAB, which comprises 67 companies in total. Seventeen of those real estate companies debuted on the MAB last year (…).

The largest Socimis

With a market capitalisation of €819 million, GMP is the largest Socimi on the MAB, larger even than one of the four Socimis that trades on the main stock market, Lar España. GMP, which was founded in 1979 by the Montoro Alemán family, debuted on the MAB last July, after adopting the Socimi structure two years ago. The real estate company, which owns around twenty office buildings in the most high profile financial districts of Madrid, has the sovereign fund of Singapore GIC as one of its shareholders; GIC owns a 32.9% stake in GMP, which it controls through another MAB-listed company, Eurocervantes.

Moreover, GMP is not only the largest Socimi (on the MAB) by market capitalisation, it also holds the largest portfolio of assets, worth €1,800 million as at 30 June 2016.

Another important owner of office buildings is Zambal. This Socimi is the only one of the five largest Socimis on the MAB that is not managed by its owner. The firm Investment Business Beverage Fund, based in Luxembourg and owned by the French magnate Pierre Castel, has appointed Iba Capital to manage its real estate investments in Spain. Iba is led by Castel’s fellow countryman Thierry Julienne.

This Socimi is the landlord of a number of large companies, both home-grown and from overseas. It owns the Madrid headquarters of Vodafone, Enagás, Gas Natural, BMW, Unidad Editorial and Día, amongst other buildings. Its portfolio is worth more than €730 million and its market capitalisation amounts to €559 million.

Meanwhile, Uro Property was created by the creditors of the company Samo, which purchased around 1,130 bank branches leased to Banco Santander in 2007. Nowadays, after selling several batches, it owns 755 branches worth €1,585 million (as at 30 June 2016).

Its main shareholder is the firm Ziloti Holding, although Santander and CaixaBank also hold direct stakes in the company amounting to 22.79% and 14.5%, respectively.

Blackstone, the largest investment fund in the world, has also listed a Socimi on the MAB to manage some of its real estate assets in Spain. Specifically, it has placed the thousands of homes that it owns and rents out into Fidere, worth €317.5 million.

The fifth largest Socimi on the MAB by market capitalisation is Isc Fresh Water. This vehicle was created with more than 200 bank branches from Banco Sabadell purchased in April 2010 by the Mexican fund Fibra Uno, controlled by the investor Moisés El-Mann.

Nowadays, the Socimi owns 213 branches, worth around €374 million, and its main shareholders are the El-Mann family, with a 65% stake and Jacobo Bazbaz Sacal, with 14.85%.

Diversity on the MAB

Each one of the Socimis on the MAB has its own characteristics, ranging from Promorent, with its market capitalisation of €4 million to GMP (which is worth more than €800 million). Their performance on the stock market is also very different: five of them have recorded increases since the beginning of 2017; three have registered decreases; and the remaining 21 have not seen any changes in their share price since the start of the year. (…).

Outlook for 2017

The proliferation of Socimis on the stock market will continue this year, according to the experts, who believe that the economic context favours these companies. (…).

Nevertheless, analysts warn that their small size and lack of liquidity imply risks for investors, since it is possible that they will not be able to sell their shares when they want to, due to the very small volume of business. (…).

Original story: Expansión (by Rocío Ruiz and Diana Esperanza)

Translation: Carmel Drake

The Socimi Zambal Debuts On MAB With 4.84% Rise

2 December 2015 – El Economista

The Socimi Zambal, owner of the ABC Serrano shopping centre, amongst other properties, has debuted on the Alternative Investment Market (‘Mercado Alternative Bursátil’ or MAB) with a 4.84% increase, after it recorded an initial price of €1.30/share, compared with the price it set to go public (€1.24).

Zambal, the eleventh real estate firm of its kind to debut on this market, is the owner of nine office and commercial buildings in Madrid and Barcelona.

Besides the ABC Serrano shopping complex, located in the centre of the capital, the firm is the landlord of Día, Unidad Editorial, BMW Ibérica, Enagás and Vodafone España, since it leases buildings in Madrid in which these companies have their respective corporate headquarters.

In the commercial sphere, Zambal is the owner of a property in Plaza de Cataluña in Barcelona, which El Corte Inglés occupies under a lease contract.

Zambal listed on the MAB under the ticker ‘YZBL’ and its shares were traded through a fixing system. At the first auction, held at 12:00h, the company sold 1,500 shares.

Original story: El Economista

Translation: Carmel Drake

IBA Capital Buys Vodafone’s HQ In Madrid

5 October 2015 – Cinco Días

The real estate fund manager IBA Capital Partners has purchased Vodafone España’s headquarters in Madrid through its Socimi Iberia Nora, on behalf of Zambal Socimi SA. It has also agreed a long-term rental contract with the telecommunications company.

In a statement on Saturday, IBA Capital said that this operation represents an important addition to the group’s portfolio of real estate assets, valued at €650 million.

Vodafone España’s headquarters are located in a business park comprising five buildings, with a total surface area of 50,000 m2 and 1,500 parking spaces.

IBA Capital Partners, Investment and Asset Manager, which is itself headquartered in Madrid, said that it had been one of the first groups to back the recovery of the real estate sector in Spain in 2013.

The group’s portfolio of assets includes the headquarters of several organisations and corporates including: the Ministry of Foreign Affairs, Unión Editorial, Día, Enagás and BMW in Madrid, as well as the ABC Serrano shopping centre, also located in the Spanish capital.

The managing partners of IBA, Jesús Valderrama and Thierry Julienne, highlighted that their objective is to “continue investing through Zambal, in high quality assets in Madrid and Barcelona and in other high added value assets in Spain’s other major cities”.

Original story: Cinco Días

Translation: Carmel Drake