GreenOak Sells Las Mercedes Office Park for €200 Million

28 July 2019 – Richard D. K. Turner

GreenOak sold the Las Mercedes business park for between 201 million euros and 205 million euros through its subsidiary socimi Go Madrid Benz. The sales price entails a capital gain of roughly eighty million euros for Go Madrid Benz, which acquired the asset in 2016 for 131.36 million euros. The identity of the buyer was not revealed.

Las Mercedes is made up of nine office buildings, an underground car park and a restaurant and leisure area, and currently has about thirty tenants, including the Spanish Medicines Agency, Enaire, Altran Innovation, Appus Norcontrol, Ibermática and Xerox Spain.

Original Story: Eje Prime


GreenOak Fattens Up its Second Socimi with a €1.2M Capital Injection

17 January 2019 – Eje Prime

GreenOak is providing gas to its second Socimi. The US fund has carried out two capital increases in GreenOak Spain Holdings Socimi, one amounting to €864,255 and another amounting to €315,000, which together total €1.2 million, as published in the Official Gazette of the Mercantile Registry (Borme).

The company, founded in 2010 by three former directors of Morgan Stanley, currently has three Socimis in Spain. The first of them was Gore Spain Holdings, constituted in 2014 and listed on the Alternative Investment Market (MAB) since January 2017.

Currently, that company is the owner of around twenty assets, including an industrial warehouse in Valdemoro (Madrid), an office building in Alcobendas (Madrid) and a complex of four buildings in the Avalon business park (Madrid).

GreenOak Spain Holdings Socimi II is the second company that the US fund constituted in Spain, specifically in June 2016. That company specialises in the acquisition and development of real estate for subsequent rental, and was created with the objective of investing €900 million by 2020 in various types of assets located in Madrid, Barcelona, Valencia and Zaragoza, as revealed by Eje Prime.

Until now, GreenOak’s second Socimi in Spain has only undertaken operations in the residential market, although it does not rule out making acquisitions in the office and logistics segments, in particular in Valencia and Zaragoza.

One of the most recent transactions carried out by GreenOak Spain Holdings Socimi II was its purchase of the former Social Security building on the central Madrilenian street Calle Fuencarral for €21 million. For that, the company closed seven capital increases in just over two years, amounting to €6.7 million in total.

In addition to GreenOak Spain Holdings Socimi II and Gore Spain Holdings, the fund led by John Carrafiell, Sonny Kalsi and Fred Schmidt has a third Socimi in Spain. It is Go Madrid Benz, a company that has been listed on the stock market since last September.

That company has a single asset in its portfolio: the Las Mercedes business park (pictured above) (…).

Original story: Eje Prime (by B. Seijo)

Translation: Carmel Drake

Socimi Go Madrid Benz Debuts on the MAB with a €60M Valuation

19 September 2018 – Eje Prime

The Socimi Go Madrid Benz, whose only asset is the Las Mercedes business park, is going to make its debut on the Alternative Investment Market (MAB) on Friday with a valuation of €60 million.

The company is going to become the 18th Socimi to start trading on that market. The Las Mercedes business park comprises nine buildings, an underground parking lot and a restaurant and leisure area.

Go Madrid Benz is not planning to access financing to expand its portfolio but is instead focusing its strategy on the management of its only asset to “maximise returns for investors”.

The Socimi expects to close the year with revenues from rental income of €8.59 million and profits of €1.03 million. Go Madrid Benz acquired the complex in 2016 for €131.36 million. The main tenants of the park include the Spanish Medicines Agency, Enaire, Altran Innovación, Applus Norcontrol, Ibermática, and Xerox España.

Original story: Eje Prime

Translation: Carmel Drake

GreenOak to Debut Second Socimi, Go Madrid Benz, on the MAB

15 May 2018 – Eje Prime

GreenOak is going to ring the bell again on the Alternative Investment Market (MAB). And this time it will do so with Go Madrid Benz, its second Spanish Socimi after Gore Spain, which made its stock market debut in January 2017. The US fund has already filed a request with Spain’s National Securities and Exchange Commission (CNMV) to incorporate the company on to the stock market; its main asset is the Las Mercedes Business Park. GreenOak’s intention is for the shares in this company to be listed before the summer.

With a surface area for offices and other administrative buildings spanning 80,000 m2, Las Mercedes is the jewel in the crown of Go Madrid Benz. The fund, which is led in Spain by Javier Zarragoitia, wants to assert its control over the 46% share capital that it owns in the Socimi to debut it on the stock market. The objective of the company is to achieve gross annual rental income of €7.65 million, with a yield of 6.5%, according to El Confidencial.

The sole shareholder of what will be the newest listed Socimi on the insatiable MAB, which is also home to more than fifty companies, is Go Benz Sarl, one of GreenOak’s investment vehicles. The fund has owned Las Mercedes since 2016 when it paid Standard Life €130 million for the business complex located in the northeast of Madrid.

The Las Mercedes Business Park comprises nine office buildings, situated around the A-2 motorway, an attractive area for companies, which has undergone significant development in recent years. Indeed, just a few weeks ago, GreenOak raised €95 million to refinance this asset through a long-term loan signed with PBB Deutsche Pfandbriefbank.

Original story: Eje Prime

Translation: Carmel Drake