Seven New Socimis Start Trading on Spain’s MAB in First Seven Months of 2019

26 August 2019

In the year to date, seven new companies, with a total capitalisation of 799.6 million euros, have started trading on Spain’s Alternative Stock Market (MAB), a testament to the pace of activity in the local real estate market.

Just in January, three companies made the leap to the MAB. Almagro Capital stared trading at 1.08 euros per share, while a few days later, Park Rose Iberoamericana began trading at 1.15 euros per share, valuing the Catalan socimi at 10.8 million euros. Urban View, a socimi which invests in rental flats, began trading at 7.2 euros per share, valuing the company at 38 million euros.

The month of July also saw important new IPOs. Trivium Real Estate starting trading with a market capitalisation of 255 million euros. One day later, Millenium Hotels Real Estate I began trading with a capitalisation of €262.5 million.  The company, which focuses on the acquisition of 4 to 5-star hotels, has two functioning hotels and three under development, with a total of about 640 rooms.

A few days later, Inbest began trading on the market through four different socimis, with a total market capitalisation of €84.7 million. One of the socimis has a portfolio of four commercial stores, all of them rented to El Corte Inglés. Another has a portfolio that includes the commercial gallery at the bottom of the Edifício España in Madrid.

Original Story: Eje Prime – Marta Casado Pla

Adaptation/Translation: Richard D. K. Turner

Inbest to Invest Up to €130 Million Over the Next 18 Months

10 July 2019 – Richard D. K. Turner

Inbest, the commercial real estate socimi founded by Corpfin Capital, debuted on Spain’s MAB stock market this week, just ten months after its incorporation. The socimi has already had an impact on the market, focusing on high-street retail premises.

The firm has disbursed €378 million of its €400-million investment capacity, mainly through its acquisition of three El Corte Inglés stores and the commercial gallery in Madrid’s Edificio España.

Original Story: Cinco Dias – Javier García Ropero

Inbest to Debut on MAB on July 9

5 July 2019 – Richard D. K. Turner

Inbest Prime Inmuebles, the socimi which owns commercial premises leased to El Corte Inglés and the retail gallery in the Madrid’s Edificio España, will debut on Spain’s Alternative Stock Market (MAB) next Tuesday, valued at 83 million euros. The firm, which is controlled by Corpfin Capital, consists of a holding company which controls subsidiary socimis.

The first, Assets I, has a portfolio of four retail stores, all leased to El Corte Inglés, and an office building. The assets, which at valued at €189.6 million, are located in Madrid, Bilbao, Valencia and Las Palmas.

The second, Assets II, was recently created but already controls a 15,000-m2 retail gallery in the Edificio España in Madrid. Inbest agreed to pay 160 million euros for the asset in January.

Original Story: Europa Press

Photo: EFE / J.J. GUILLÉN

 

Socimis to Account for 66% of Listings on Spain’s MAB by July

25 June 2019

Three socimis, Millenium, Inbest and La Finca, will begin trading on Spain’s Alternative Stock Market (MAB) in the near future. After they do, socimis will account for 69 of the 103, listed companies on the exchange, equal to two-thirds of the index.

The MAB was created in 2006 and opened to small and medium-sized companies in 2008. The platform is a good vehicle for such companies since trading is normal and the market is well-regulated, but the bureaucratic hurdles to list a new company on the exchange are less intimidating.

The Spanish government approved the regulatory framework for socimis in 2012, and Entrecampos and Promorent first went public in 2013. General de Galerías Comerciales, GMP Property and Testa Residencial are the three largest listed socimis on the MAB.

To join the MAB, companies must have fully paid-up capital, audited accounts and list through an initial public offering with a minimum free float of 2m.

Original Story: ABC – Moncho Veloso

Inbest to Make its MAB Debut with a Prime Retail Portfolio

21 June 2019 – Expansión

The Spanish firm Corpfin Capital is finalising the stock market debut of its investment vehicle Inbest, which it created last year with the aim of investing around €400 million in prime retail assets.

Inbest has already starred in some of the most high profile operations in the sector, including the purchase of the commercial space in Edificio España for €160 million and the acquisition of 3 buildings located on Gran Vía 20, in Bilbao; Princesa 41, in Madrid; and Calle Colón in Valencia, for €184 million.

The firm’s MAB debut is scheduled to take place during the first half of July, most likely on 9 July, through four of the five Socimis that it has created with the assets acquired.

Original story: Expansión (by Rocío Ruiz)

Translation/Summary: Carmel Drake

Inbest Prepares New Investment Vehicle for Retail Parks & Finalises MAB-Debut of its Socimis

15 May 2019 – Eje Prime

Corpfin Capital Real Estate is planning to launch a vehicle to invest up to €60 million in retail parks. Meanwhile, it is working towards the debut of its four Socimis on the Alternative Investment Market (MAB) in June.

To date, the company has been channelling its investment in retail parks through a vehicle it created in 2015, Corpfin Capital Retail Parks, with an investment volume of €44 million. But now it is going to create a second vehicle, Inbest Parks II, which will have €60 million to spend, with the aim of providing continuity and attracting new investors.

In parallel, the company is focused on the MAB debut of its four Socimis, which are due to list for the first time on 27 June. In total, the companies have an investment volume of €400 million, comprising own funds and debt. Most of that figure (€378 million) has already been invested in the purchase of three buildings from El Corte Inglés and the acquisition of the commercial premises in Edificio España.

Original story: Eje Prime (by Marta Casado Pla)

Translation/Summary: Carmel Drake

Corpfin Injects €83.7M into its Inbest Portfolio During First Year

25 April 2019 – Eje Prime

Corpfin Capital Real Estate has already injected more than €80 million into its various Inbest companies during their first year of operation.

Specifically, Inbest has received capital injections amounting to €83.7 million over the last 12 months. The most recent amounted to €5.3 million for Inbest Prime Assets and was registered in the Mercantile Registry yesterday.

The aim of the increases is to finance the investment operations that the vehicle has planned. The Inbest companies invest in high street buildings to transform them into flagship stores.

Original story: Eje Prime (by Marta Casado Pla)

Translation/Summary: Carmel Drake

CorpFin Completes €10M Capital Increase for Inbest

8 April 2019 – Eje Prime

The Spanish fund manager CorpFin has completed a capital increase amounting to more than €10 million in Inbest Prime III Inmuebles and Inbest Prime I Inmuebles, two of its four vehicles specialising in retail.

Specifically, Inbest Prime III Inmuebles increased its capital by €2.33 million, taking the total subscribed amount to €12 million. Meanwhile, Inbest Prime I Inmuebles increased its capital by €8.22 million, resulting in a total subscribed amount of €25 million.

This latest injection of funding follows more than ten capital increases that the firm led by Ana Granado has carried out in recent months.

Corpfin launched Inbest Real Estate in April 2018 with the aim of investing in high street buildings and converting them into flagship stores. Inbest channels its investments through four vehicles, Inbest Prime I, II, III and IV, which will debut on the Alternative Investment Market (MAB) in September 2019.

The funds’ largest operation to date was its purchase of the retail premises in Edificio España last year, on which it spent €160 million.

Original story: Eje Prime (by I. P. G.)

Translation/Summary: Carmel Drake

Inbest Completes its Purchase of a Property in Valencia from El Corte Inglés

5 March 2019 – Las Provincias

The fund manager Inbest Real Estate has formalised its purchase of an asset on Calle Colón in Valencia from El Corte Inglés. The property spans a commercial surface area of 7,600 m2, has 84 parking spaces and contains an office building measuring around 1,800 m2.

The deal forms part of an agreement reached between Inbest and the department store giant last August, which saw the fund acquire assets from ECI in Bilbao and Madrid for €184 million (for the three buildings).

Inbest was only created a year ago, but its portfolio already comprises iconic real estate assets worth more than €350 million, located on the main commercial thoroughfares of Madrid, Bilbao and Valencia.

Original story: Las Provincias

Translation: Carmel Drake

Corpfin Prepares for Stock Market Debut of its Socimi Inbest

12 February 2019 – Idealista

The Socimis are continuing to make inroads in the real estate market. There are now more than 70 listed vehicles operating under this regime in Spain, and another twenty new vehicles could make their stock market debuts soon, according to the experts.

They include five that the manager Corpfin Capital Real Estate has been promoting through its investment vehicle Inbest Real Estate, including a company called Inbest Prime Inmuebles Socimi. And it is precisely that company that is finalising its stock market debut.

According to explanations provided by the manager to Idealisa News, the purchases that Inbest has completed recently have been materialised through those Socimis and its objective is for them to be listed on the stock market by September this year at the latest, just two years after their constitution and, therefore, by the deadline established by the legislation for continuing to enjoy tax incentives. Nevertheless, the firm chaired by Javier Basagoiti expects that the Socimis will be listed before the summer.

Although the valuation of the assets and the price at which the shares will debut are not yet known, the portfolio will include some very well-known and sought-after assets. They include four commercial premises in Edificio España in Madrid, whose purchase was recently signed between Inbest and the hotel chain RIU, the owner of the skyscraper, for almost €160 million. The investment vehicle’s plans include establishing four flagship stores for first-rate operators from the textile and restaurant sectors.

The assets also include three others that Inbest has acquired in recent months from the Spanish department store giant: El Corte Inglés. One of them is located on Calle Colón in Valencia and spans 7,000 m2, distributed between two adjoining premises, whilst another is located on Calle Princesa in Madrid, and another still on Gran Vía in Bilbao, with a combined surface area of almost 8,800 m2 in the case of the latter two. The investment in those three buildings amounted to around €180 million.

The Socimis have a combined investment objective of €400 million (half from own funds), of which almost 85% has now been consumed, whilst the remaining amount (around €60 million) could be targeted towards a new acquisition, given that that is exactly the ticket size that the manager is interested in.

Inbest’s strategy for this game of poker between the Socimis is based on searching for assets located in prime situations (above all in Madrid, Barcelona and other important provincial capitals), and focusing on unique assets in the commercial sector. Barring any last minute changes, the firm will keep the Socimis active for at least five years after finalising the investment period (…), although that term may be extended for another two years (…).

Original story: Idealista (by Ana P. Alarcos)

Translation: Carmel Drake