IBA Capital Creates a Fund to Invest up to €300M in Spain’s High Street

25 May 2018 – Eje Prime

IBA Capital is gaining strength as one of the investment funds with the most potential in the Spanish market. The company has just launched an investment fund specialising in the retail high street segment, through which it plans to invest up to €300 million in the purchase of commercial assets located on the main streets (high streets) of Spain’s secondary cities, according to Thierry Julienne, founder of the investment vehicle, speaking to Eje Prime.

This new vehicle from IBA Capital will bet on buying commercial premises on streets such as Calle Larios in Málaga and Calle Tetuán in Sevilla, for example. Also on IBA Capital’s radar are assets located in cities such as Valencia, Santander, Coruña, Oviedo and Vigo, amongst others.

“We want to create a portfolio of prime assets – we are not looking for properties to create value, but rather buildings are profitable with operators such as H&M, Mango and chains from the Inditex group as tenants”, explains Julienne, who also added that the stores that may interest the fund should have a surface area of around 1,000 m2.

“It is a safe fund, which has been created with an investment capacity of €100 million, but which may reach €300 million over the next few years”, he says. The type of investor to which this new vehicle from IBA Capital will be directed are “conservative and Spanish”, explains the director. “Family offices, for example, are target investors of this new fund”, he concludes. (…).

Original story: Eje Prime (by Custodio Pareja)

Translation: Carmel Drake

Meridia Capital Will Debut its Socimi on the MAB in 2018

13 December 2017 – Eje Prime

The Socimi fever is never ending in the real estate sector. In fact, it is growing. The latest company to bet on the Alternative Investment Market (MAB) is Meridia Capital Partners, a Barcelona-based fund led by the veteran businessman Javier Faus, which has announced it is going to debut its Socimi on the stock market, most likely at the beginning of 2018. This incorporation will come after today’s debut on the stock market of the logistics firm P3 Logistics Parks, and after Student Properties, which will soon become the first listed real estate investment company specialising in student halls.

Meridia III, which is what the Socimi is called, owns assets worth more than €100 million, according to Cinco Días. The future listed company owns a diversified portfolio with investments in every sector, from offices and logistics to residential, retail and hotels, but focused, for the time being, in Spain’s two largest cities, Madrid and Barcelona.

Constituted last year, Meridia III was created as the third investment vehicle of the fund, created by Faus in 2001. Its most recent acquisitions include the Barnasud shopping centre, for which it paid €35 million to Unibail-Rodamco.

Moreover, the company has carried out seven capital increases in the last year and a half, amounting to €50 million in total, with the aim of financing its future plans.

In total, Meridia III has an investment capacity of €500 million, of which it has already spent more than 50%.

Original story: Eje Prime

Translation: Carmel Drake

Meridia Capital Acquires 43,400m2 Block In 22@ District

14 July 2017 – Inmodiario

Meridia Capital Partners has announced the acquisition of almost a whole block measuring 43,400 m2 in the technological 22@ district of Barcelona. This prime enclave is located just a stone’s throw from the sea and is one of the main nuclei for the development of offices and residential areas in Barcelona. Located at the northern edge of Villa Olímpica, in recent times, many renowned companies have established their headquarters in this area of Poblenou. The plot is demarcated by Calles Ávila, Doctor Trueta, Badajoz and Avenida Icaria.

Meridia Capital will carry out a comprehensive transformation of the block with the aim of converting it into a cutting-edge mixed-use complex, where both offices and residential buildings will be erected. Around 32,300 m2 of the land will be allocated to the development of high-quality offices and the remainder (11,200 m2) will be set aside for residential use. It is one of the most ambitious projects of those currently being undertaken in the 22@ district.

This site is home to the former La Siberia ice factory and the Industrias Deslite building, both of which form part of the special protection plan set out by Barcelona’s Historical-Artistic Architectural Heritage. Meridia Capital will preserve both the façade as well as the structure of both historical buildings.

The acquisition of this block constitutes the fourth operation completed through Meridia III, the latest real estate investment vehicle launched by the fund manager Meridia Capital. Meridia III has an investment capacity of €500 million. Its predecessor, Meridia II, which had an investment capacity of €400 million, has been disbursed in its entirety.

Juan Barba, Partner and Managing Director of Real Estate at Meridia Capital, said: “This new operation represents a major opportunity for the development of a mixed-use project (residential/office) in an area that is undergoing a complete transformation and where demand is growing”.

Javier Faus, Founding Partner and CEO at Meridia Capital, added: “We are really excited to be contributing to the development of the “Front Marítim” and of the 22@ district, as the real area of innovation in Barcelona. This is one of the most ambitious operations that will be undertaken over the next few years. We are very optimistic about the future of our city and we hope that operations such as the one announced today will help to continue to attract the best companies and talent here”.

Garrigues and Deloitte advised Meridia Capital on this operation.

Original story: Inmodiario

Translation: Carmel Drake

Stoneweg Will Construct 2,000 Homes During 2017

22 May 2017 – El Mundo

(…) In line with the strong performance of the Spanish economy and, more specifically, the residential market, the real estate investment platform Stoneweg, a company that manages funds on behalf of institutional investors and family offices in Europe and Latin America, has just made its official presentation, confirming that it has €750 million to invest in property development in Spain during 2017.

Although headquartered in Switzerland, the company was founded in 2015 by two Spaniards, Jaume Sabater and Joaquín Castellví, who both previously worked in the Real Estate area at the investment bank Edmond de Rothschild. Over the last few years, Stoneweg’s investment capacity in real estate assets has exceeded €1,600 million, spread across Spain, the USA, Italy and a small part of Switzerland. (…).

Commitment to Spain

“We decided to take positions in Spain in 2015, buying land and buildings from financial institutions, Sareb and individual owners”, said Joaquín Castellví, Stoneweg’s CEO in Spain. The reasons for the firm’s commitment to Spain include its confidence in the strength of the economic recovery, the “attractive” financing conditions being offered for real estate assets and the “speed and transparency” with which the firm is able to access and close operations with local agents. “Moreover”, added Castellví, “mortgages for real estate assets are increasing again, which means that the Spanish market will be the ideal place to sell assets in around five years”.

Stoneweg’s main investment focus is on the residential market (where it will allocate two-thirds of its capital under management) be it the development of new homes or the renovation of existing buildings. To this end, the modus operandi of the management company, which has already invested €450 million of the €750 million that it is planning to spend this year, consists of closing operations to purchase land or buildings with tickets of between €100 million and €150 million to build on themselves or in conjunction with local property developers.

Currently, the company has 30 residential projects underway (in varying phases), with a total of 1,300 homes, which are due to be ready at various points between this year and 2020. It also plans to close the year with 50 projects in its portfolio, corresponding to 2,000 homes for sale.

Stoneweg insists on building homes “in accordance with the highest international standards, to ensure an extraordinary level of comfort”.

In terms of their locations of choice, Castellví confirmed that his company is focusing on Madrid, Barcelona and the Mediterranean Coast, “but” he says, “ we are flexible both in terms of the type of project, as well as location within the aforementioned areas”. (…).

Original story: El Mundo (by Luis M. De Ciria)

Translation: Carmel Drake

Excem Capital Launches New Rental Home Socimi

20 February 2017 – El Economista

Excem Group has opened itself up to the real estate investment business targeting young people and has launched a new Socimi “Excem Capital Partners Sociedad de Inversión Residencial”, wich will debut on the stock market in September 2018. The aim of this new entity is to “professionalise” the “growing” demand for rental homes from students and young professionals.

In a statement, Excem Group said that its “Excem Real Estate” division was created with the aim of becoming a key player in the management of real estate investments aimed at young people. In addition, Excem will co-invest in one of the projects.

“Socimi Excem Inversión Residencial” began its activity with an investment capacity of €12 million and is currently undertaking a capital increase, through which it hopes to raise additional investment capacity of €35 million by April.

In addition, it plans to expand its presence to Madrid, Barcelona, Bilbao, Santiago de Compostela, Salamanca, Valencia, Sevilla, Málaga, Córdoba and Granada.

The new Socimi will invest in homes for students and young professionals, as well as hostels and similar properties, to meet leisure demand, and co-working spaces so that young people can undertake their employment activities in collaborative environments.

Specifically, regarding the management of homes for students and young professionals, Excem has said that its objectives include managing professional leases, which is what students and young professionals from all over the world demand when they arrive in Spain.

In this context, the CEO of the Socimi, Antonio Mochón, said that there are increasingly more young people looking to set up home in Spain’s major cities. They are looking for work and some are even developing business projects that they created during their masters or degrees, and these people need “well-managed, high quality accommodation in central areas”.

Regarding the “hostels”, the firm wants to create a network of hostels and tourist apartments for travellers from all over the world with the aim of having more than 3,000 beds in the domestic market and with a view to “globalising rapidly”.

“The scarcity of professionalised supply at the global level makes this a large investment product with strong, safe projections, given the central locations in each city…and the high returns generated by the business”, said Excem.

Original story: El Economista

Translation: Carmel Drake

Trajano Iberia Buys Alcalá Magna Shopping Centre For €100M

3 February 2017 – Expansión

The Socimi Trajano Iberia, which is managed by the real estate division of Deutsche Asset Management, has purchased the Alcalá Magna shopping centre from Incus Capital, for €100 million.

According to a statement released by the Socimi, the shopping centre is located in one of the main residential areas of Alcalá de Henares (Madrid). It has a commercial surface area of 34,165 m2, spread over two levels, and 1,204 parking spaces, spread over two underground floors.

Its tenants include high profile brands from the Inditex group, led by Zara, as well as several recent arrivals, such as Lefties, H&M, Mango, Mercadona, a Virgin Active gym and restaurant groups.

The space, constructed in 2007, has an occupancy rate of more than 95%, receives almost 5 million visitors a year and generates annual sales of around €64 million.

Following this operation, Trajano Iberia has now made investments amounting to €282 million since its launch in June 2015. It currently has five assets in its portfolio, with a total surface area under management of 151,000 m2.

This new investment takes the company to 100% of its investment capacity once again, following its second capital increase, which was carried out in October, amounting to €47.2 million.

For this transaction, the company was advised by Deloitte, JLL and Garrigues. The vendor was advised by CBRE and Dentons.

Original story: Expansión

Translation: Carmel Drake

Trajano Iberia Completes €47.2M Capital Increase

24 October 2016 – Valencia Plaza

Trajano Iberia has successfully completed the €47.2 million capital increase that it launched in September to raise funds in order to “take advantage of the real estate opportunities that are arising, and whereby continue to grow”, according to a statement made by the Socimi which is listed on the MAB.

The operation will grant the firm, which is managed by the real estate investment division of Deutsche Asset Management, additional investment capacity of between €95 million and €100 million.

Since its constitution in March 2015, Trajano has executed investments amounting to €139.5 million. In addition, it recently agreed the purchase of a logistics asset for €43 million.

In terms of the capital increase, it has been subscribed almost in its entirety by the Socimi’s current shareholders, most of whom are clients of Deutsche Bank Wealth Management, which according to the company “is indicative of investor confidence in its project”.

Trajano Iberia focuses its strategy on acquiring real estate assets, mainly offices and commercial premises and primarily in Madrid and Barcelona, although it is now also considering investing in other large Spanish cities and in Lisbon. Office buildings account for 60% of its portfolio, shopping centres account for another 30% and logistics assets make up the remaining 10%.

Original story: Valencia Plaza

Translation: Carmel Drake

Meridia Buys 2 Office Portfolios For Its Socimi

7 October 2016 – Expansión

Meridia Capital, the fund manager controlled by Javier Faus, has gone shopping again. The company has invested around €70 million in two real estate acquisitions.

On the one hand, Meridia has acquired two office buildings located in the Viladecans Business Park complex in Barcelona. This development was inaugurated at the end of 2007 by the property developer Goodman, which specialises in business parks. It houses the headquarters of companies such as Unilever. There, Meridia has acquired two properties with a combined surface area of 23,000 sqm and 282 parking spaces. The occupancy rate of the offices is around 80%, say real estate sources.

In addition, the manager has completed the purchase of a portfolio of offices with a surface area of 17,500 sqm, spread over several properties. Most of these buildings are located in Barcelona, although the portfolio also contains one asset in Pamplona. In Barcelona, the key asset is the Alta 1 building, located in Esplugues de Llobregat, next to the headquarters of Nestlé, which is also owned by Meridia.

The occupancy rate of this portfolio, acquired from a Catalan family office, stands at 84%.

Both acquisitions will be included in the portfolio of the Meridia Real Estate III fund, which filed its request to become a Socimi in April. This fund, which was created less than a year ago with initial capital amounting to €250 million (from large international investment firms) has an investment capacity of up to €600 million. The aim is that it will list as a Socimi on the MAB in 2018.

In addition to the two latest purchases, the new Socimi owns nine buildings (eight offices and one logistics warehouse) that Meridia bought from Inmoseguros in May for €50 million.

It is not the manager’s only fund. Meridia is also finalising the closure of its Meridia II fund, launched in May 2014, with an investment capacity of €400 million.

In total, Javier Faus’ management company has invested €180 million so far this year and expects to close some more deals before the end of the year. “We want to invest another €400 million over the next 18 months”, said Juan Barba, Director General of Real Estate at Meridia Capital.

Offices

Meridia Capital’s purchases come after several other office deals in Spain in recent times, such as the acquisition of Parque Adequa in Madrid – for which Merlin paid €380 million – which reflect the recovery of this segment.

In this way, the average return on the office market in Madrid increased by 9% during the third quarter of 2016 with respect to the same period in 2015 and by 18% with respect to Q3 2014, according to a report about the office segment by BNP Paribas Real Estate.

Original story: Expansión (by Rocío Ruiz)

Translation: Carmel Drake