IBA’s Socimi Zambal to Complete €80M Capital Increase

30 July 2018 – Eje Prime

Just over a year after expanding its share capital by more than €91 million, Zambal is preparing to undertake a new operation. The Socimi managed by IBA Capital has convened its shareholders for a General Meeting in September to carry out a new capital increase, in this case, amounting to €80 million.

According to a statement filed by the company with the Alternative Investment Market (MAB), the capital increase will be undertaken through the issue of 80 million shares with a nominal value of €1 and an issue premium of €0.25, which “will be subscribed and fully paid up through the offsetting of loans”.

Without resorting to bank financing, Zambal has built a portfolio worth more than €730 million. The company’s main assets include, for example, the property at number 77 Avenida San Luis (which houses the headquarters of Gas Natural in Madrid); the Vodafone Building on Avenida de América, and number 18 Avenida de Burgos, which is leased in its entirety to BMW.

The Socimi, which started life in 2013, is an investment vehicle managed externally by IBA Capital Partners. The company specialises in the investment and subsequent management of assets in cities such as Madrid and Barcelona in the office and retail segments, although the company is also looking at other assets such as nursing homes, hospitals, retail parks and logistics platforms.

One of the most recent operations undertaken by Zambal was the purchase of two office buildings on Calle Albarracín in Madrid, which is leased to the French multi-national Atos. That operation involved an investment of €38 million.

Original story: Eje Prime 

Translation: Carmel Drake

Solvia Puts 3 Hospitals Up For Sale

13 October 2017 – Solvia.es

Solvia, the nationwide leader in real estate services, has put three hospitals in Spain owned by Banco Sabadell, up for sale through an orderly process. The assets are currently leased to the hospital group Quironsalud, a high-profile company in the healthcare sector in Spain, which is in turn, owned by the German healthcare group Fresenius, which acquired 100% of Quironsalud in 2016.

This operation, which is expected to be closed before the end of the year, will be one of the largest to take place in 2017; moreover, this year is forecast to see record levels of investment in Spain. The operation is expected to spark interest amongst investors and Solvia had already received several offers from domestic and international groups, even before the hospitals had been put up for sale.

Hospital Quirón Barcelona, regarded as one of the iconic hospitals in the city, was constructed in 2006 in a privileged location (Plaza Alfonso Comín 7), just 5km from the city centre; it comprises a total surface area of 58,000 m2.

Hospital Quirón Vizcaya is located in the town of Erandio (Carretera Leioa-Unbe, 33 bis), 10km from the centre of Bilbao, and comprises a surface area of 19,000 m2 spread over two buildings.

Meanwhile, Hospital Quirón San Sebastián acquired a former palace in 1990, just 2km from the city centre (Parque Alcolea 7), which was subsequently converted into a hospital, comprising a complex of three buildings with a surface area of 7,000 m2.

Currently, the healthcare market is experiencing a significant shortage of supply in the face of rising demand, and so investors are very interested in identifying more opportunities beyond the traditional markets (France, Germany and United Kingdom) (…).

So far in 2017, investment in tertiary real estate assets in Spain has recorded a significant increase with respect to the previous year, favoured by an improvement in domestic demand, a reduction in unemployment and the favourable performance of tourism, whilst returns have continued to be compressed due to the strong investor pressure.

Proof of this is that more than €7,000 million has been invested in non-residential assets during the 8 months to August 2017, which represents an increase of more than 60% with respect to the same period last year. This year is expected to close with higher real estate investment figures than in 2016, with a volume of around €10,000 million.

Solvia has become the market leader in the real estate services sector in Spain, maintaining a portfolio of 148,000 real estate assets under management, whose value exceeds €31,000 million and of which more than €4,300 million are financial assets. Similarly, the firm manages €1,200 million of assets comprising land under development.

Original story: Solvia.es

Translation: Carmel Drake