Spain’s First Gas Station Socimi Will Debut On The MAB Tomorrow

10 July 2017 – Cinco Días

Kingbook Inversiones, a Socimi that owns 57 petrol stations operated by Petrocorner, will debut on the Alternative Investment Market (MAB) tomorrow, 11 July, at a price of €4.78 per share, which represents a company valuation of €23.9 million.

This makes it the 36th Socimi to debut on the market, and the first to be constituted from real estate assets dedicated to fuel distribution in the retail sector and other commercial activities.

Kingbook owns a portfolio of 57 service stations throughout the country. The operation of all but one of them is leased to Petrocorner; the exception is a gas station located in Almería, which is operated by BP. The firm also owns a hotel in Mirando de Ebro and an industrial warehouse in Jaén.

The company, chaired by Antonio Eraso Campuzano, said that although it has begun life focusing on gas stations, it has a “general profile” and for that reason, “it does not rule out investing in other sectors in the future”.

It is one of the Socimis that is expected to debut before 1 August, when according to the experts, between five and eight new Socimis may debut, due to a change in legislation with respect to minority shareholders. From next month, the one-year deadline that these companies have to comply with in terms of diffusion requirements disappears (2% of minority shareholders or €25 million must be in free float).

At the end of the first quarter of this year, Kingbook reported rental income from its gas stations of €1.59 million, however, it registered a loss of €175,983. In financing terms, the Socimi holds debt amounting to €42 million, equivalent to 84% of its asset value.

Finalising a €100 million loan

Nevertheless, the brochure submitted for the firm’s debut on the MAB explains that it is currently in the process of negotiating new bank financing, for which it has already agreed the general terms.

It is a €100 million loan with a five-year term granted by a group of banks that, although it has not been signed yet, already includes ING Bank and Banco Santander. The financing will be structured into three tranches, one for €30 million, a second for €45 million and a third, for €25 million.

With this loan, Kingbook is seeking to refinance its current debt with shareholders and bank financing and obtain funds to pay for its new asset purchases with the aim of growing.

Original story: Cinco Días

Translation: Carmel Drake

Axiare Obtains €30M Loan From CaixaBank To Finance Growth

24 September 2015 – El Confidencial

Axiare Patrimonio has obtained more financing to fulfil its business plan, increase its real estate portfolio and continue growing as a company. The Socimi has just closed a bilateral financing agreement with CaixaBank through which it will receive €30 million, which it will invest in the acquisition of new prime real estate assets allocated for tertiary use, primarily in Madrid and Barcelona.

The operation has a 15-year term and represents an LTV of 50%, in line with the objective set by the company and reported in its prospectus for the €395 million capital increase that it completed in June.

With this new agreement, the company has covered the financing plan forecast for the assets in the portfolio acquired before the capital increase and which represents funding of €294 million. During the summer alone, the entity secured funding amounting to more than €100 million through three financing operations with Santander (€42.3 million), Bankinter (€27.4 million) and ING Bank (€37.3 million). (…).

The financed properties belong to the portfolio of prime offices that the company owns in Madrid. One of its properties, on Calle Fernando El Santo (pictured above) is a Class A office building that has been fully renovated and is classified as a building of historical and artistic interest – it is located on the central Madrilenian thoroughfare of the Paseo de la Castellana, has a gross leasable area of 3,254 m2 and 42 parking spaces, a rare feature amongst similar office buildings in this area of Madrid, which is an important business centre. (…).

The €30 million from CaixaBank will be allocated to the acquisition of new property, focusing on the main financial districts in Madrid and Barcelona, in line with its existing portfolio, 40% of which comprises office buildings in the CBDs of Madrid and Barcelona.

In just over one year, Axiare Patrimonio has invested €805 million in 11 operations and has whereby acquired 28 assets in the Spanish tertiary real estate sector, primarily in Madrid and Cataluña. 73% of the company’s real estate portfolio corresponds to Class A offices, 18% is represented by logistics platforms and 9% comprises other tertiary use assets, such as shopping centres and retail stores.

As at 30 June, the company’s portfolio had increased in value by 11% according to a certificate issued by the real estate consultancy CBRE, in accordance with RICS (Royal Institution of Chartered Surveyors) standards and published in the CNMV.

Axiare Patrimonio’s investment objective, which is described in the company’s strategic plan, focuses on the acquisition of assets that are classified as or have the potential to become Class A rated, and that require active management in the most sought-after areas of Barcelona and Madrid; logistics assets in the main distribution corridors; and shopping centres and outlets across Spain.

Original story: El Confidencial

Translation: Carmel Drake