Goldcar’s Founders Acquire Bankia’s HQ in Alicante

30 November 2018 – Eje Prime

The founders of Goldcar have acquired the headquarters of Bankia in Alicante. The family office owned by the brothers Juan and Pedro Alcaraz, Aligrupo, has been awarded the property that the bank used to own in La Explenada area, and for which numerous offers have been made since it went on the market in October.

The offer received from Aligrupo was the highest of all those received for the building, which will no longer be in the hands of Bankia due to the property divestment process that the entity is carrying out following its merger with Banco Mare Nostrum (BMN), according to Alicante Plaza.

During the month that the building has been up for sale, Bankia has received around thirty visits, which is a good sign of the interest that this operation has sparked in the real estate sector in Alicante.

With this new purchase, the Alcaraz brothers are strengthening their property portfolio, which comprises luxury residential buildings for rent in Madrid. Over the last two years, Aligrupo has acquired two properties in the prime areas of Salamanca and Chamberí for that purpose.

Original story: Eje Prime

Translation: Carmel Drake

Deutsche Bank Puts its Socimi Trajano Iberia Up for Sale

9 October 2018 – Eje Prime

Trajano Iberia is up for sale. The Socimi, managed by the real estate investment division of Deutsche Asset Management, has expressed its willingness to receive offers to assess the possible sale of its shareholding, according to a statement filed by the company with the Alternative Investment Market (MAB). Trajano controls the Alcalá Magna shopping centre, for which it paid €100 million in 2016.

The listed company has requested the services of Credit Agricole Corporate and Investment Bank to sound out the market. The group has expressed its desire to find out about “the potential interest in purchasing shares that represent more than 50% of its share capital”.

Trajano Iberia recorded net profits of €2.63 million between January and June 2018, compared with €3.5 million during the same period in 2017. Despite the decrease in its net result, the listed company recorded revenues of €983 million during the first half of the year, up by 11.7% compared to the same period in 2017.

The Socimi, in which the Alcaraz family, the founders of the vehicle renting company Goldcar, holds a 10.5% stake, currently has five real estate assets in its portfolio: a mixed-use commercial and office building in Bilbao; a shopping centre in Portugal; an office complex in the north of Madrid; four logistics warehouses on the Campus Plaza industrial estate in Zaragoza; and a shopping centre in Alcalá de Henares (Madrid).

Trajano Iberia’s last major acquisition was its purchase of the Alcalá Magna shopping centre at the end of 2016. The company disbursed €100 million to acquire that asset located in the Spanish capital, which has a gross leasable area (GLA) of 34,165 m2 distributed over two levels.

The space, constructed in 2007 and with an occupancy rate of 95%, receives almost 5 million visitors per year and accumulates annual sales of around €64 million. Its tenants include firms such as Mercadona, Grupo Inditex and Mango, amongst others.

The company, which made its stock market debut in July 2015, reordered its Board of Directors in April. The company appointed Luis Antoñanzas, one of those responsible for the entity’s great fortunes, as CEO following the resignation of Carlos Gálvez Díaz de Bustamante, according to explanations provided by the group at the time.

Since then, Trajano Iberia’s Board has comprised 11 representatives, including José Moya, Chairman of the Board,  Vicente Fernández and Brigit Gabriele, as representatives of Deutsche Bank. Moreover, the Socimi’s management body includes representatives from companies such as Alcor, Dogalcar, Falagal and CNP Partners.

Original story: Eje Prime 

Translation: Carmel Drake

Persán’s Owners Acquire 40% of Río 55 Business Park in Madrid for €70M

25 June 2018 – Eje Prime

A new business saga is investing in the Spanish real estate sector. The Moya Yoldi family, owners of the detergent manufacturer Persán, have invested €70 million in the purchase of 40% of the Río 55 Business Park in Madrid. For this operation, the Andalucían family has joined forces with Inmobiliaria del Sur (Insur), the office property developer, with which it has also signed a second agreement involving a prime residential project in Marbella (Málaga).

The owners of Persán, an integrated supplier of the supermarket giant Mercadona, has increased its commitment to the real estate sector through Concha Yoldi, the co-owner of the company together with her husband, José Moya, and the couple’s children: Juan, José and Francisco Javier, according to El Confidencial.

The saga has acquired a significant stake in Río 55, which already signed the sale of one of its two buildings to the fund manager AEW Europe in March. Insur forecasts that it will hand over the keys to the first tenants of the business complex next year. The two properties will span a surface area of 14,000 m2 each.

Likewise, the Andalucían family is also going to invest in its own region in partnership with Insur. Gestafin Global Investment, another of the real estate companies owned by the Moya Yoldi family, has acquired 40% of the luxury development that the real estate firm is constructing in Marbella. In total, 53 luxury apartments will comprise this project in the sought-after Costa del Sol, whose first phase has been underway since 2017. A third plan in the Sevilla residential market, where Insur is building 238 homes, completes the alliances that the family office has with the group.

A Socimi with the owners of Silestone and the founders of Goldcar

The presence of the owners of Persán in the property sector does not end with their individual investments. The Andalucían saga also shares ownership of a Socimi with other entrepreneurial families such as the Cosentinos, owners of Silestone, and the brothers Juan and Pedro Alcaraz, founders of the vehicle renting company Goldcar, now part of the giant Europcar.

Moreover, through Trajano Iberia, of which José Moya is president, the family owners a share of the Madrilenian Alcalá Magna shopping centre, for which the company paid €100 million last year, and a second in Portugal; an office building in the Spanish capital, in the Manoteras area, to be precise; a mixed-used property, for offices and shops in Bilbao; and a logistics asset in Zaragoza (…).

Original story: Eje Prime 

Translation: Carmel Drake

Goldcar’s Founders’ Socimi Earns €4.4 Million in 2017, Up 45%

27 March 2018

Trajano had a turnover of €18.7 million in 2017, double that in 2016. Its asset portfolio already has a value of 326 million euros.

The Alcaraz brothers’ socimi is on the right track. Trajano Iberia Socimi, managed by the real estate investment division of Deutsche Asset Management, closed 2017 with a net profit of 4.4 million euros, increasing its year-on-year profit by 45%, according to the company’s disclosure to the Alternative Stock Market (MAB).

The Alcaraz brothers, the founders of the Goldcar vehicle leasing company, hold a 10.5% stake in the publicly listed company. The socimi closed last year with a gross operating profit (EBITDA) of 12.6 million euros, twice the amount in 2016.

Trajano’s gross asset value in portfolio (GAV) rose to 326 million euros in 2017, while the net value (NAV) reached 12.5 euros per share, an increase of 25%.

After its acquisition of the Alcalá Magna shopping centre in February of last year, the socimi is one hundred percent invested. The company currently has five “maximum quality” operating assets, with a leasable area of almost 151,000 square meters and an occupancy rate of 98%.

In addition to Alcalá Magna, the company manages the following assets: Parque Logístico Plaza in Zaragoza; the Echevarría building in Bilbao; the Nosso shopping centre in Vila Real, Portugal; and the Isla de Manoteras business park in Madrid.

The company’s net financial debt on the value of its assets amounted to 138.7 million euros at the end of 2017, a figure significantly higher than the 42.1 million euros on December 31, 2016.

Original Story: EjePrime

Translation: Richard Turner

The Alcaraz Brothers Create Six New Property Developers

3 November 2017 – Eje Prime

The family office owned by the brothers Juan and Pedro Alcaraz is growing. The Alicante businessman, founders of the vehicle rental company Goldcar, have left behind their stage in the transport sector, after selling the remaining 20% stake that they still held in their rent-a-car company to invest in real estate. With this business idea in mind, the Alcaraz brothers have created half a dozen new property developer companies, according to the Official Bulletin of the Mercantile Registry (Borme).

The two brothers are adding these six companies to the five that already exist in their Alibuilding company (…). This strategy of creating a property developer for each project is a method that has been used in the past in the Community of Valencia, as was seen in the case of the creation of the Valencian property developer Attikos, by the builder Juan Armiñana.

In the province of Alicante, the family office owned by the Alcaraz brothers, Aligrupo Global Services, is building a luxury urbanisation in Calpe. And it looks like the company is planning to construct another residential development in the same town, according to Valencia Plaza.

The two businessmen currently own several assets in the real estate sector, including a property in the prime area of Velázquez, in Madrid. They also hold a 10.55% stake in the Socimi Trajano Iberia, whose portfolio includes two office buildings, two shopping centres and a logistics platform.

Original story: Eje Prime

Translation: Carmel Drake

PortAventura’s Owner May Buy TPG’s Stake In Servihabitat

30 November 2016 – Voz Populi

The real estate arm of CaixaBank, Servihabitat, is preparing for a possible change in its shareholders. The Italian private equity group Investindustrial (which is headquartered in Barcelona) is holding conversations with TPG regarding the possible acquisition of the 51% stake that the Texan fund owns in Servihabitat. For the time being, no offer has been put on the table, but several financial sources consulted are convinced that a deal will be reached soon and that the group, owned by the Bonomi family, is well positioned to take over the reins of the real estate company.

Investindustrial already has a lot of roots in Spain and above all in Cataluña. The same sources add that Carlo Bonomi, the CEO of the firm, has a good relationship with Isidro Fainé. Both groups completed one of the largest private equity operations between 2009 and 2012, with the purchase of the PortAventura park from Criteria for almost €200 million.

The fund created by the Bonomi family also controls the rental car company Goldcar in Spain and the ambulance firm Emeru. In recent years, it has held stakes in Applus, Euskatel and Recoletos, amongst others. In fact, Investindustrial was one of the groups that submitted a bid for the takeover of RCS (owner of Unidad Editorial), but it was pipped at the post by Cairo Communication.

The possible acquisition of a stake in Servihabitat comes at a time when the financial sector is rethinking its real estate partnerships: Santander has engaged Citi to handle its purchase of Altamira; Popular is negotiating with Värde Partners and Kennedy Wilson to regain control over Aliseda; and Servihabitat has also been the target of rumours in the market. Nevertheless, the sources consulted explain that the Catalan group does not want to regain ownership of 100% of its real estate company, but rather is looking for a new partner whose plans for Servihabitat fit better with its own vision than that of TPG.

This change in strategy has not arisen due to personal differences, but rather due to the new circumstances in the financial sector. When the banks sold their stakes in their real estate companies in 2013, they did so because they needed capital; and they were very successful in this regard. In the case of Servihabitat, TPG paid €310 million for its 51% stake.

Change in strategy

Nevertheless, with the passage of time, the banks are seeing a slowdown in the rate of property sales and are incurring expenses on their income statements as a result of all of the commissions that they are having to pay their property managers.

A priori, the investment in Servihabitat does not fit with the type of investments that Investindustrial usually undertakes. It traditionally backs sectors such as services, consumer and industrial. But, sources in the sector regard Servihabitat as a classic private equity investment, since it is a cash generating machine with potential to grow through corporate operations. In fact, Servihabitat is one of the candidates in the running to buy Portugal’s largest bad bank.

The company generated EBITDA of €111 million last year. Its consolidated profit amounted to almost €44 million.

Original story: Voz Populi (by Jorge Zuloaga)

Translation: Carmel Drake