Tag: investment company

Optimum Re Will Debut On The MAB On 28 September

27 September 2016 – Expansión

The Socimi Optimum Re will debut on the Alternative Investment Market (MAB) on Wednesday 28 September, after the Coordination and Incorporations Committee submitted a favourable assessment report to its Board of Directors regarding the company’s compliance with the incorporation requirements.

The company will require approval in advance from the MAB’s Board of Directors to start trading.

The company’s trading code will be ‘YORS’ and its shares will be traded through a price fixing system. Solventis is acting as the registered advisor and the company’s liquidity provider.

Taking into consideration the two capital increases performed prior to its debut on the MAB, which amounted to €16.61 million in total, the company’s Board of Directors has set a reference value for each one of its shares at €10, whereby valuing the company as a whole at €50 million.

Optimum Re is a real estate investment company managed by BMB CAP Management, which aims to provide returns derived from rental income and capital appreciation that are generated from the selective acquisition and active management of residential properties in Barcelona and Madrid. Currently, the company’s portfolio comprises fourteen properties and the firm expects to complete the acquisition of an additional building before the end of 2016.

Original story: Expansión

Translation: Carmel Drake

Alquiler Seguro Prepares Its Socimi’s Debut On The MAB

10 June 2016 – Expansión

The first Socimi specialising in the residential rental market in Spain is finalising its debut on the stock market and hopes to be ready to list on the Alternative Investment Market (MAB) before the end of the year. Quid Pro Quo – the name of Alquiler Seguro’s real estate investment company – wants to raise €50 million initially, which it will use to purchase properties for their subsequent rental.

The CEO of Alquiler Seguro, Antonio Carroza (pictured above), explained that the company wants to begin by incorporating 500 homes into its portfolio during the first phase. To that end, it has identified around 6,000 homes, from the total pool of homes that it manages, which fulfil the requirements set in terms of rotation, tenant retention and which are also likely to be acquired from their owners at market prices. The company has already signed purchase options with owners worth €12 million in total.

“Within 5 years, the aim is that the Socimi will own around 6,000 homes and achieve an investment volume of €500 million, through several capital increases”, explained the CEO.

Carroza said that, with that volume of assets, the group would then be able to consider moving onto the main stock exchange. Quid Pro Quo’s assets will be mainly located in Madrid, although it will also have a portfolio of homes in Barcelona, Valencia and Sevilla and, to a lesser extent, in Alicante, Vitoria and Bilbao. “We have worked hard to make the intermediation business profitable and to encourage both supply and demand; now, we want to close the circle by professionalising the supply”, said Carroza.

For the CEO, the future of the Socimis will involve specialisation. “The few (Socimis) that have been working in the residential sector until now are getting rid of that part of their businesses”, he said.

In terms of Quid Pro Quo’s shareholders, Alquiler Seguro will acquire up to 5% of the Socimi’s share capital, whilst the remainder will be offered up to domestic and international investors.

In terms of the Board of Directors, the Socimi’s highest executive body will comprise five members: the President of Alquier Seguro, Gustavo Rossi; the CEO, Antonio Carroza; and three independent directors, one of whom will come from a multinational entity and will have a financial background, to lead the Audit and Internal Control Committee. The other two independent directors will be Salvador Garriga – who has served as an MEP for the PP for twenty years – and José Luis Bartolomé, a real estate consultant and advisor.

Original story: Expansión (by Rebeca Arroyo)

Translation: Carmel Drake

Bluespace Buys Building In Madrid From The Baraka Group

11 March 2015 – Expansión

Bluespace is bringing its storage rental business to the centre of Madrid, in a deal valued at €8 million. The self-storage company has acquired the building located on Avenida de los Toreros, 8, in the district of Salamanca, where it plans to open a new centre, containing one thousand ‘lockers’ or mini-storage spaces, by the end of the year; it will be the company’s fourth largest space.

The property, measuring almost 8,000 square metres, was owned by Baraka Global Invest, the real estate group (in turn) owned by the Murcian businessman Trinitario Casanova. Until now, the building was occupied by a Peugeot car dealership.

The investment of €8 million includes both the acquisition of the building, as well as the cost of refurbishment for its new use. The new centre will have floor space of 4,500 square metres and, in addition to the storage spaces, will also include a business centre and meeting rooms, and will offer clients a removals service.

This transaction is the largest closed by Bluespace since January, when the company was taken over by the Fremont Group, an investment company from San Francisco (USA).

Network of centres

Bluespace is headquartered in Sant Just Desvern (Barcelona) and has a network of 22 (owned) centres located in Madrid, Barcelona and Valencia. It also has 25 partner centres in 22 cities across Spain.

Bluespace’s largest centres are located in Sant Just Desvern, Alcorcón (Madrid) and on Avenida Ramón y Cajal, also in the Spanish capital.

In 2013, the company generated turnover of €18.26 million and an EBITDA of €7.62 million.

Original story: Expansión (by J.O.)

Translation: Carmel Drake