Tag: General Electric

Starwood Capital Finalises the Purchase of an Office Portfolio for €125M

24 January 2019 – Expansión

The fund Starwood Capital is seeking to strengthen its presence in Spain with the purchase of a portfolio of offices in Madrid and Barcelona. Specifically, Starwood is finalising the purchase of an office complex in Madrid, comprising four buildings, and another one in Barcelona from the Socimi Autonomy for €125 million, according to explanations from market sources speaking to Expansión.

In the case of Madrid, the four office blocks are located in the north of the city, inside the Omega business park, in the Arroyo de la Vega area. They span a combined surface area of 33,458 m2 and have 940 parking spaces.

The Omega Business Park, which is home to the headquarters of companies such as Samsung, BP and Allianz, is located next to the airport of Madrid and has become one of the most established areas in the north of the capital.

Besides the offices in Madrid, the operation also includes a new build property in the 22@ district of Barcelona, with a surface area of 12,596 m2.

The building in Barcelona comprises two towers connected by a common entrance hall, with twelve and four floors, respectively. The building also contains commercial premises and 216 parking spaces.

The building on Calle Pallars is occupied by tenants such as Regus, General Electric and Ticketmaster. The operation has been advised by the real estate consultancy CBRE, on the vendor side, and by Drago Capital, which has advised the buyer and which will manage the properties (…).

Original story: Expansión (by R. Arroyo)

Translation: Carmel Drake

TPG & CaixaBank Hire Cerberus Director To Lead Servihabitat

3 November 2017 – Voz Pópuli

The times are changing at Servihabitat, the real estate arm of CaixaBank and one of the largest servicers in Spain. The platform, which is owned by the fund TPG (51%) and the Catalan bank (49%), has appointed a new board of directors after Julián Cabanillas’ decision to leave the firm; he had served as CEO until now.

The historical director of La Caixa has decided to step down after fulfilling the term that he had committed to undertake with the bank and the US fund. According to financial sources consulted by Voz Pópuli, Servihabiat has hired one of the key directors at Cerberus in Spain to replace him: Iheb Naffa, the CEO of Gescobro until now.

For more than a decade, Nafaa was one of the directors of the financial arm of General Electric (GE Capital) in Spain, serving in roles such as the Director of Risks, Director of Operations and Director General. Gescobro hired him in 2015, at the same time as that firm was acquired by Cerberus.

Nafaa will have another former director of General Electric as one of his right-hand men at Servihabitat, namely, Edelweiss Obiol, with whom he worked at the US company. Obiol replaces Feliu Formosa, another former La Caixa director who is leaving Servihabitat,  as Finance Director.

McKinsey and Oliver Wyman

The changes in Servihabitat’s leadership come at a time when the real estate company is carrying out a significant internal review. To this end, it has engaged two consultancy firms: McKinsey and Oliver Wyman. Sources consulted explain that these two firms are focusing on improving the real estate company’s internal processes, rather than on involving it in a merger or sale.

One possible corporate operation has been flying over Servihabitat for years. Conversations were even held with the private equity group Investindustrial last year. Various options have been explored, ranging from CaixaBank’s repurchase of TPG’s stake to then look for another operation, or for the fund to sell its 51% stake itself.

All indications are that changes may be afoot in 2018, in the face of the more than likely consolidation of the servicer market. Cerberus, where Nafaa is moving from, Apollo and Blackstone are all lining themselves up as possible buyers.

Servihabitat manages assets worth almost €50,000 million, according to figures as at 2016. They are mainly owned by CaixaBank and Sareb, and so they are not held on its balance sheet. The firm is mainly dedicated to administering the debt and assets and selling them. In 2016, it recorded total sales of €1,645 million. And between January and September of this year, it recorded turnover of €1,300 million, up by 17% compared to the same period last year.

Original story: Voz Pópuli (by Jorge Zuloaga)

Translation: Carmel Drake

Blackstone Owns c.5% Of Spain’s Logistics Assets

28 June 2016 – Expansión

Blackstone created Logicor in 2012 and since then, has grown the company by acquiring portfolios of logistics assets, to reach its current surface area coverage of 13 million sqm.

In Spain, Logicor has been purchasing assets for three years and now owns properties covering a total surface area of 1.1 million sqm, primarily in Madrid and Barcelona, making it the largest owner of logistics land in the country, with a market share of between 5% and 7%. It is followed in the ranking by Merlin Properties and Prologis, in an otherwise very fragmented sector.

Logicor’s Director General for Southern Europe, Manel Vericat, said that the company is still looking for logistics warehouses in Madrid and Barcelona, as well as in other cities, such as Valencia and Pamplona: “We are searching for products that have may potential thanks to the management of our team; and we are able to participate in operations that have higher risk because we have experience in this segment and are capable of managing these situations.

The Spanish subsidiary is led by Alejando Rumayor, who previously worked for Aguirre Newman, Iberdrola Inmobiliaria, ING Reim and CBRE, where he worked last before joining Logicor. The team in Barcelona is led by Xavier Novell, who joined the firm from Aguirre Newman, where he led the logistics and industrial department for the last decade.

In recent years, Logicor has made some major investments in Spain, such as the purchase of a portfolio of logistics assets from CBRE Global Investments, which covered a surface area of 78,000 sqm.

It also acquired a batch of logistics warehouses covering 106,000 sqm, from the French insurance company Axa.

Similarly, it purchased a batch of logistics assets from Gran Europa with a combined surface area of 319,000 sqm. And another one from SEP investments, measuring 138,000 sqm. Finally, one of its most important acquisitions at the global level involved a batch of warehouses from General Electric, of which around 348,000 sqm were located in Spain.

Rents

Vericat confirmed that, since last year, rents in the logistics sector have recovered in Barcelona. In Madrid, “we have not detected any increases yet, but certain rent incentives have disappeared, such as grace periods.

Original story: Expansión (by Marisa Anglés)

Translation: Carmel Drake

Meridia Capital Buys a Shopping Park For €21Mn

29/09/2014 – Expansion

Brand-new transaction on the Spanish real estate market. Investment company Meridia Capital has bought the Albufera Plaza shopping center, situated in the south-east of Madrid, for the total of €21 million from fund General Electric.

The shopping mall of 27.780 built square meters and of 7.700 square meter GLA houses shops like Mercadona (2.000 square meter supermarket) and the main brands of textile chains of the Inditex group. Opened in 1991, the center offers 250 outdoor parking spaces.

The buyer, Meridia Captial led by Javier Faus, has recently welcomed Juan Barba in its team. In May, Meridia established a joint venture with Patron Capital, disposing of €800 million in funds ready to invest in Spanish property.

From January to August, investment in commercial centers in Spain exceeded €1.26 billion in 24 transactions.

 

Original article: Expansión (by Rocío Ruiz)

Translation: AURA REE