Bankinter Acquires Primark’s Future Flagship Store in Barcelona

18 November 2019 – Zambal, a socimi managed by IBA Capital Partners, has sold the future Primark flagship store at Plaça de Cataluyna 23, in Las Ramblas, Barcelona, to a group of Spanish investors led by Bankinter.

The company sold an 89% stake in Trébol Core Properties, the company that owns the asset, for 71 million euros. IBA Capital Partners will continue to manage both the property and the company.

Primark expects to open the store early next year.

Original Story: Idealista

Adaptation/Translation: Richard D. K. Turner

IBA Capital & Angelo Gordon Acquire Barajas 1 for €37.5M

7 March 2019 – Eje Prime

IBA Capital Partners and Angelo Gordon have joined forces to purchase the Barajas 1 office building from GMP for €37.5 million. The property is located at number 29 Calle Trespaderne in Madrid, has a gross leasable area of 29,173 m2 and includes 204 parking spaces. Its main tenants are SGS and Vodafone and the advisor to the operation was CBRE.

The purchasers are planning to renovate the building, modify the façade, renew the common areas, remodel the vacant homes and adapt the technical facilities.

Original story: Eje Prime

Translation: Carmel Drake

Zambal Extends the Ministry of Foreign Affairs’ Rental in the Torres Ágora until 2023

26 February 2019 – Eje Prime

Zambal has renewed its contract with the Ministry of Foreign Affairs and has consolidated one of its main assets. The Socimi, managed by IBA Capital Partners, has signed a new rental contract with the public body for the Ágora Towers, the facilities that house most of the personnel assigned to the Ministry of Foreign Affairs, European Union and Cooperation.

The new rental contract will last for four years, of which the first two are mandatory, according to reports made by the real estate company to the Alternative Investment Market (MAB).

The Ministry of Foreign Affairs has been the tenant of the Ágora Towers, located at number 26 Calle Serrano Galvache in Madrid, since 22 October 2012 (…). Zambal has been the owner of the complex, which comprises two 15-storey twin buildings with three basement floors, since December 2013. The towers have a gross leasable area of 30,469 m2 and 469 parking spaces (…).

Original story: Eje Prime (by Roger Arnau)

Translation: Carmel Drake

Zambal Approves Merger with Iberia Nora & Completes €80M Capital Increase

12 September 2018 – Eje Prime

Zambal has approved its merger with Iberia Nora and has given the green light to its capital increase. Following the General Shareholders’ Meeting, the company managed by IBA Capital has notified the Alternative Investment Market (MAB) that it is going to carry out its integration with the other Socimi, which specialises in the rental of real estate assets.

In addition, Zambal has confirmed the €80 million capital increase that it announced in July. It will conduct it through the issue of 80 million shares with a nominal value of €1 and an issue premium of €0.25, which “will be fully subscribed and paid up through the compensation of loans”.

The capital increase has been fully subscribed by the Socimi’s majority shareholder, Altaya, headquartered in Singapore, which owns 95.21% of the share capital. Of the remaining 4.79%, 4.40% corresponds to Loire Investments Pte. Ltd, also domiciled in Singapore and 0.39% is treasury stock.

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 offices and retail assets in cities such as Madrid and Barcelona, although the company also considers other assets such as nursing homes for the elderly, hospitals, retail parks and logistics platforms.

In a recent operation, Zambal purchased two office buildings on Calle Albarracín in Madrid, leased to the French multi-national firm Atos. That operation involved an investment of €38 million.

Without resorting to bank financing, Zambal has constructed a portfolio worth more than €730 million. Some of the company’s other main assets include, for example, the property at number 77 Avenida San Luis (which is home to Gas Natural’s headquarters in Madrid); the Edificio Vodafone, on Avenida de América; and the building at number 118 Avenida Burgos, which is leased in its entirety to BMW.

Original story: Eje Prime

Translation: Carmel Drake

Zambal Acquires 2 Office Buildings in Madrid for €70M

4 December 2017 – Eje Prime

Zambal is continuing to gain ground as one of the star Socimis in the office sector in Spain. The company, managed externally by IBA Capital Partners, an independent private equity firm specialising in real estate investments, has just invested €70 million in the purchase of two office buildings in Madrid, according to sources at the group.

The company formalised its purchases in November. The first is an office building located at number 96 Calle Santiago de Compostela, in Madrid. The building has a gross leasable area of 14,317 m2 and 182 parking spaces. Currently, the building is leased in its entirety to the Community of Madrid.

The Socimi has also added another property to its asset portfolio in Madrid. That building is located at number 44 Calle Lérida and has a gross leasable area of 4,039 m2. It is currently leased to Gas Natural. According to the group, both acquisitions “have been financed in their entirety using own funds and financing from the main shareholder”. On 23 November, Zambal formalised a loan with Altaya for €60 million.

Moreover, between May and July this year, the company launched a €91 million capital increase on the market through the issue and launch into circulation of 91.2 million shares with a nominal value of €1 each and an issue premium of €0.25 per share, as revealed by Eje Prime. The aim of that capital injection was to add new properties to its portfolio.

With these latest purchases, the Socimi has fattened up its asset portfolio, worth more than €730 million. These two office buildings are the first assets that Zambal has acquired in 2017. Prior to that, the most recent asset that the Socimi added to its portfolio was Gas Natural’s headquarters in Madrid, for which it paid €120 million. That property is located at number 77 Avenida de San Luis in Madrid and is leased in its entirety to Gas Natural (…).

Management team 

The Socimi is managed by executives who have extensive experience in the Spanish and European real estate markets. The head of the company is Thierry Julienne, founding partner of IBA Capital Partners and President of the Socimi. Before taking over the reins of Zambal, the executive was Director of Constructa Asset Managment in Spain and Portugal, Director of the Capital Markets Department at Auguste-Thouard, Co-founder and Director at EXA Real Estate Advisors and founder of Abedo Asset Management.

The executive Jesús Valderrama works alongside Julienne leading the company. He started his career in the international department at Eurohypo and later went on to serve as the bank’s Director of Operations in Spain. Julienne and Valderrama are accompanied by Beltrán Martínez, Administrative and Finance Director of IBA Capital, and Maria Gistau, Director of the Asset Management team at Zambal, who has held several positions of responsibility in companies such as Sonae Sierra.

Zambal has one major shareholder, the company Altaya, which is domiciled in Singapore. The company’s portfolio is primarily focused on buildings used for office and commercial purposes. By region, Madrid accounted for 80% of the Socimi’s rental income in 2015, and Barcelona the remaining 20%.

Original story: Eje Prime (by Custodio Pareja)

Translation: Carmel Drake

Banca March Creates A Socimi To Maximise Returns From ABC Serrano

7 November 2017 – La Información

Serrano 61 Desarrollo Socimi – that is the name of the listed real estate investment company (Socimi) that Banca March has constituted to try to optimise the profitability of one of the most high-profile investments that the entity has undertaken this year, the acquisition of the ABC Serrano shopping centre, according to data in the Mercantile Register.

Banca March purchased the building on Calle Serrano, 61, in June for an undisclosed sum. It is one of the jewels in the crown of Madrid’s golden mile, which until then formed had part of a portfolio owned by CBRE Global Investors – the investment arm of the largest real estate consultancy firm in the world (CBRE Ellis). Banca March is the fifth owner the asset has had since 2013. In that year, Reyal Urbis, which has now filed for liquidation, transferred ownership of ABC Serrano and another commercial space to the investment company IBA Capital Partners, which shortly after included it in the asset portfolio of its Socimi Zambal. CBRE Global Investors acquired the building at the beginning of 2016.

Banca March has chosen the Socimi format, just like IBA Capital Partners, which is still responsible for managing the centre, did back in the day; its aim is to try and extract the maximum return possible from this real estate investment, in which it shares the risk and reward with a group of the bank’s clients who have participated in the operation as a result of a co-investment model through which the deal was formalised.

Co-investment is one of the unconventional investment formats that Banca March offers its clients. According to information provided by the entity on its website, it uses the format in “projects analysed by the March Group in which it decides to invest, and it offers its clients the opportunity to participate in the investments” (…).

MAB debut in 2018

This implies that Serrano 61 Desarrollo Socimi will not be an exclusive Banca March project, but rather will have financial backing from a group of the entity’s clients, which will also be shareholders of the company.

According to sources familiar with the operation, the company will start to operate as a Socimi from 1 January 2018 onwards and will make its debut on the Alternative Investment Market at some point next year. Its sole asset will be the ABC Serrano shopping centre.

Financial sources consulted by lainformacion.com deny that the activation of this Socimi is the first step of a more decided commitment by Banca March to the real estate sector. “Grupo March has a very recognisable investment approach. It identifies assets of interest, analyses their profitability threshold and if it takes the decision to acquire them, it looks for the most appropriate vehicle to make them profitable. It does not invest in sectors, it invests in assets”, explained one market source.

The Socimi format will allow Banca March and the clients that accompany it with this investment to benefit from a Corporation Tax rate of 0%. Moreover, it will guarantee the distribution of 80% of the returns obtained from the management of the ABC Serrano to the shareholders, and it will provide a favourable fiscal framework that characterises this vehicle for the dividends obtained.

Original story: La Información (by Bruno Pérez)

Translation: Carmel Drake

CBRE GI & IBA Capital Buy Gran Vía, 18

14 July 2017 – Expansión

CBRE GI, the real estate asset management company has formed an alliance with IBA Capital Partners to buy a commercial and office building with a surface area of 5,500 m2. The building is located on Madrid’s Gran Vía and has seven storeys. It will be renovated at the end of 2018.

Original story: Expansión

Translation: Carmel Drake

Carmena Works With Property Owners To Design Madrid’s Office Supply

6 February 2017 – Cinco Días

The Town Hall of Madrid, led by Manuela Carmena, and large property owners and companies in the real estate sector, which are grouped together into the Spanish Office Association (AEO), have committed to creating a working group to define the future model for the office market in Spain’s capital.

Last week, José Manuel Calvo, Councillor for Sustainable Urban Development, held a meeting with most of the members of the AEO in which he appeared willing to create a working group to establish collaboration between the Administration and the private sector, according to a statement made on Wednesday by the Association.

The AEO includes large office owners such as BBVA, Mapfre, Mutua Madrilieña, Pontegadea (the family office owned by Amancio Ortega, the founder of Inditex), Repsol, Acciona and Telefónica, together with large real estate companies such as Merlin Properties, Colonial, GMP, La Finca, Torre Rioja and international funds such as GreenOak, Blackstone and Iba Capital Partners, amongst others.

Over the next few months, the Councillor will present a study “which will allow them to lay the foundations to create a working group between the sector and the other parties involved, with the aim of facilitating the design of a rational future model, which will strengthen and improve the supply of offices in Madrid”, said sources at the AEO in a statement.

Sources from the companies that attended the meeting highlighted the opportunity to hold conversations with the Town Hall’s Head of Town Planning. They also said that Calvo has committed to working together with the Community of Madrid and the Central Government, in a combined effort, to try to attract to Madrid some of the companies that are leaving London due to Brexit.

The politician also reminded the businessmen about the town planning matters that are still pending at the Town Hall. Amongst other items, he explained his efforts to unblock Operación Chamartín, promoted by Distrito Castellana Norte (controlled by BBVA) and his commitment to build a major office nucleus close to Chamartín station, once it has been refurbished.

Original story: Cinco Días (by Alfonso Simón Ruiz)

Translation: Carmel Drake

Freo Buys An Office Building In Madrid For €15M

14 October 2016 – Expansión

The German fund Freo, which opened offices in Madrid and Barcelona at the end of last year with the aim of investing in the Spanish market, has completed its first purchase. The private equity manager has acquired an office building on Avenida de Manoteras in Madrid for €15 million. The property, known as Edificio Orion, used to be owned by the German fund manager Triuva, formerly known as IVG Institutional Funds.

The asset, constructed in 2001, is located at number 26 on the Madrilenian street and has a surface area of 7,300 sqm. According to sources in the real estate sector, the offices are fully occupied and currently house twelve tenants in total, including Whisbi Technologies, Sacyr, TPI Edita, Tento and several companies from the ACS Group. The operation will generate a return of 6% for the buyer.

Team

Freo is a private equity fund manager that also has its own investment vehicle. It was founded in Frankfurt (Germany) twenty years ago and has offices in all of Europe’s major cities.

Last year, Freo hired Daniel Mayans, former Director at GE Capital Real Estate in Spain, as the CEO of its Spanish subsidiary. It also appointed Óscar de Navas, who also came from the US multinational, as the Vice-President of Investment at Freo for the Spanish market. The firm’s purpose is to look for buildings such as Orion to add value to them, in terms of investment by renovating the offices, as well as in terms of returns by making improvements to the rental contracts.

Investment focus

That is the goal of the most international funds, which, given the shortage of assets in the most central areas of Madrid and Barcelona and the strong pressure to buy, are acquiring assets in more peripheral areas of Spain’s largest cities. Other funds that have recently made purchases on the Manoteras thoroughfare include: IBA Capital Partners, Axa Real Estate, Lone Star and Blackstone, as well as the Socimis Trajano Iberia and Merlin Properties.

The seller of the property in this case, the company formerly known as IVG Institutional Funds, which has been called Triuva since 2015, is the largest institutional real estate fund manager in Germany, with 45 funds in total. The subsidiary in Spain and Portugal manages assets worth €300 million, which have a combined surface area of 78,000 sqm.

Original story: Expansión (by Marisa Anglés)

Translation: Carmel Drake

IBA Capital Buys Vodafone’s HQ In Madrid

5 October 2015 – Cinco Días

The real estate fund manager IBA Capital Partners has purchased Vodafone España’s headquarters in Madrid through its Socimi Iberia Nora, on behalf of Zambal Socimi SA. It has also agreed a long-term rental contract with the telecommunications company.

In a statement on Saturday, IBA Capital said that this operation represents an important addition to the group’s portfolio of real estate assets, valued at €650 million.

Vodafone España’s headquarters are located in a business park comprising five buildings, with a total surface area of 50,000 m2 and 1,500 parking spaces.

IBA Capital Partners, Investment and Asset Manager, which is itself headquartered in Madrid, said that it had been one of the first groups to back the recovery of the real estate sector in Spain in 2013.

The group’s portfolio of assets includes the headquarters of several organisations and corporates including: the Ministry of Foreign Affairs, Unión Editorial, Día, Enagás and BMW in Madrid, as well as the ABC Serrano shopping centre, also located in the Spanish capital.

The managing partners of IBA, Jesús Valderrama and Thierry Julienne, highlighted that their objective is to “continue investing through Zambal, in high quality assets in Madrid and Barcelona and in other high added value assets in Spain’s other major cities”.

Original story: Cinco Días

Translation: Carmel Drake