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

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 Sells a Commercial Premise in San Sebastián for €7M

30 November 2018 – Eje Prime

Corpfin is divesting in the north. The Spanish Socimi has sold a commercial premise in the centre of San Sebastián for €7 million. The purchaser of the asset, which is located at number 7 Calle Getaria, is unknown, according to a statement filed with the Alternative Investment Market (MAB).

Calle Getaria is, together with Calle Hernani y Arrasate, one of the most sought-after streets for the retail market in the Guipuzkoan capital. The asset used to be the headquarters of Kutxa, the savings bank of Guipuzkoa, until 2014 and is now home to a Pull& Bear store, a brand from the Inditex group. This divestment in Euskadi is the second undertaken by the vehicle in recent months, following the sale of Gran Vía 55 in Madrid in September.

In addition, and through Inbest, Corpfin Real Estate has disbursed €250 million in two large operations in Madrid and Valencia during the last quarter. The first was the agreement reached with Riu to acquire the commercial area in Edificio España for €160 million. And that 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 Capital Real Estate will Debut 5 Socimis on the MAB in 2019

26 September 2018 – Voz Pópuli

Corpfin Capital Real Estate Partners is planning to debut five new Socimis on the Alternative Investment Market (MAB) under the name Inbest before September 2019.

By the time they make their debuts, the Inbest Socimis will have an investment volume of almost €400 million. The Socimis intend to carry out investments with an average volume of between €50 million and €60 million to acquire properties located in commercial areas of Madrid and Barcelona, as well as in the main provincial capitals, and to provide them with added value and convert them into retail premises and flagship stores for major brands.

The management company of Inbest Socimis is currently in the process of becoming a management company that will be regulated by Spain’s National Securities and Markets Commission. It is chaired by Javier Basagoiti (pictured above), founding partner of the firm together with Carlos Lavilla and Patrick Gandarias. Basagoiti founded Corpfin Capital Real Estate in 2008 in conjunction with Felipe Oriol. Ana Granado, who joined the firm as the Managing Director last year, after working at Santander, Aguirre Newman and Deloitte, will lead the Inbest team, which will comprise 13 professionals in total.

Inbest will finish this year having raised €200 million during the year from various investors and plans to end its investment period in December 2021.

Corpfin Capital Real Estate’s real estate operations include the rental to Apple of its store in Valencia, a residential building that was renovated and whose use was modified to commercial, which was subsequently acquired by Pontegadea, the investment company owned by the Zara founder, Amancio Ortega; the renovation of a old bank branch in San Sebastián, which has now been converted into a shopping arcade that is home to major fashion labels; and the purchase of the premises that used to house the former Nebraska cafeterias in Madrid, establishments that are now occupied by McDonalds and VIPS.

Through Inbest, Corpfin Capital Real Estate wants to take advantage of the boom in the commercial real estate sector, which reported record investment figures in 2017.

The trend of the major brands is to occupy large retail spaces in the main shopping areas of cities, leaving smaller establishments and those set away from the prime areas, whereby opening a niche in the market in which Inbest is specialising. The consolidation of the e-commerce sector has also influenced this change in trend.

Original story: Voz Pópuli (by Alberto Ortín)

Translation: Carmel Drake

El Corte Inglés Puts 2 Shopping Centres Up for Sale for €100M

3 August 2018 – Voz Pópuli

A new operation for El Corte Inglés. The distribution group has put up for sale two of its smaller department stores. The properties, located in Madrid and Bilbao, are considered non-strategic by the retailer although it will continue to occupy them as the tenant, according to sources close to the operation.

The Expansión newspaper reports that El Corte Inglés is finalising the sale of two establishments to Inbest, the investment vehicle owned by the manager Corpfin Capital Real Estate for around €100 million.

The department store group will continue to use the two buildings – located on Calle Princesa in Madrid and Gran Vía de Don Diego López de Haro in Bilbao – through a long-term lease contract.

This operation forms part of El Corte Inglés’s debt reduction plan. According to Expansión, it is the first divestment that the group will make following the appointment of Jesús Nuño de la Rosa as President in June.

Original story: Voz Pópuli

Translation: Carmel Drake

Corpfin Agrees Sale of 13 Premises for €83M

10 April 2018 – Expansión

Corpfin Capital Real Estate is preparing to rotate most of the assets in the portfolios owned by its listed Socimis. The fund manager chaired by Javier Basagoiti (pictured below) has reached an agreement with an investor to sell 13 of its 21 commercial properties for €83.33 million.

According to the terms of the agreement, the sale of the assets will be carried out before the end of 2020, to allow time for the Socimis to comply with the regulations that govern them, which require properties to be owned for at least three years in order for the companies to benefit from the exemption to pay tax on any gains obtained from transactions.

Corpfin has invested €114 million through CCPR II and CCPR III –its two listed Socimis – since 2014.

Following the sale of five premises, it now owns 21 assets on the main high streets of Madrid, San Sebastián, Burgos and Valencia, which are occupied by tenants such as McDonald’s, Vips, Starbucks, Zara and Mango.

Moreover, it has purchase options over three other assets in San Sebastián and Madrid.

The manager has just launched a new vehicle, Inbest, through which it plans to invest €400 million in high street assets between now and 2021, of which €200 million will proceed from own funds and the remainder from gearing.

The fundraising process for Inbest was initiated in February and is expected to conclude in December or whenever the funds reach the €200 million threshold. The structure of Inbest will include one Socimi from which four others will depend, which will all be listed on the stock market.

Original story: Expansión (by Rebeca Arroyo)

Translation: Carmel Drake