Corpfin Sells 5 Commercial Premises in San Sebastián & Valencia for €32.2M

18 December 2018 – Eje Prime

Corpfin is continuing with its divestments. The real estate group has sold four assets in San Sebastián, and a fifth in the centre of Valencia for a total amount of €32.2 million, according to a statement filed by the company with the Alternative Investment Market (MAB).

In the capital of Gipuzkoa, the company has divested the ground floor premises at numbers 9 and 11 Calle Guetaria, located next to the store that it sold two weeks ago for €7 million, as well as the two assets that comprise the ground floor premises at number 13 Calle San Marcial.

The sold portfolio, which has been transferred through the listed Socimis Corpfin Capital Prime Retail II and III, which held 40% and 60% of the shares, also includes the commercial premise located at number 19 Plaza de la Reina in Valencia. This divestment is the third that the vehicle has undertaken in recent months, following the sale of Gran Vía 55 in Madrid in September.

Moreover, and through Inbest, Corpfin Real Estate has disbursed €250 million during the last quarter, investing in two major operations in Madrid and Valencia. The first was the agreement reached with Riu to acquire the commercial space in Edificio España for €160 million. That deal was followed by the purchase from El Corte Inglés of a building in the centre of Valencia for €90 million.

Original story: Eje Prime 

Translation: Carmel Drake

Corpfin Agrees Sale Option for Gran Vía 55 in 2021

14 September 2018 – Eje Prime

Corpfin has placed one of its assets in Madrid. The real estate manager has agreed the sale in 2021 of a retail property located at number 55 Gran Vía, in Madrid. The company has signed a purchase option agreement, which the buyer of the property is expected to execute in 2021.

According to a statement filed by the company with the Alternative Investment Market (MAB), the agreement includes a payment by the buyer, whose identity has not been revealed, amounting to €2.64 million as an option premium.

The asset currently belongs to Corpfin Capital Prime Retail Assets II, which is owned by Corpfin Capital Prime Retail III Socimi (40%) and Corpfin Capital Prime Retail II Socimi (60%).

In July, the real estate manager sold thirteen retail premises to Swiss Life for €83 million, and in July, it purchased a centre operated by Makro in Madrid for €8 million. In April, Corpfin created a Socimi with €400 million to invest in high street premises.

Original story: Eje Prime

Translation: Carmel Drake