Tag: investment opportunities

Delin Backs Spain in its Logistics Investment Plan to 2019

22 January 2018 – Eje Prime

International funds working in all areas of the real estate sector are setting their sights on Spain. Including the logistics segment. That is shown by the inclusion of the country in the investment plan of Delin Capital Asset Management (Dcam), which is seeking to develop 900,000 m2 of new logistics space in three main European markets: The Netherlands, the United Kingdom and Spain.

In the Spanish market, the firm is focusing on Madrid, where the logistics sector “offers an attractive opportunity for investors, given that the domestic economy is recovering and the increase in consumer spending is supporting the rapid growth of e-commerce”, says José Espinoza, Director of Development at Dcam in Spain, speaking to Property EU.

For the time being, the company has identified a series of investment opportunities in the country that it hopes to close soon. Dcam currently operates three lines of business: a fund created in 2012; an investment vehicle established with Blackstone last year to purchase existing assets; and a development fund.

In The Netherlands alone, the fund will invest $400 million in the development of around 390,000 m2 of logistics space. Across Europe, Dcam owns a portfolio spanning 580,000 m2 and has an additional 350,000 m2 under construction, which will be added to the company’s assets.

Original story: Eje Prime

Translation: Carmel Drake

Grupo Amenabar Joins Forces With Sareb To Build 100 Homes In Sevilla

20 November 2017 – Eje Prime

Grupo Amenabar is finding new work for its property developer. The Basque company, whose main line of business is construction, has been awarded the project to build one hundred homes in Sevilla, which will boost the growth of its residential development area. The project has been awarded by Sareb, after it put a 4,373 m2 plot of land up for auction in the La Florida area of the Andalucian capital. The two companies will work together to build the complex.

The two entities are working against the clock to submit the basic design before 27 November, in order to obtain the construction permit from the Town Hall of Sevilla and thus be in a position to sign the contract, according to ABC.

The plot in La Florida used to be owned by the company Novaindes, until it filed for creditor bankruptcy and liquidated its company following the burst of the real estate bubble. Sareb took over the land in 2013 for €61 million.

Amenabar Promociones Residenciales is the property developer arm of the Basque group, whose turnover in 2016 amounted to €380 million. The property developer from San Sebastián has invested more than €200 million on the purchase of land over the last two years. Most of the land it has acquired is located in Madrid, País Vasco, Cataluña, Navarra and the Costa del Sol, but it is also considering investment opportunities in other provincial capitals.

The group currently has a land portfolio spanning more than half a million square metres, worth €900 million.

Original story: Eje Prime

Translation: Carmel Drake

Domo’s Socimi Debuted On The MAB On 21 September

22 September 2017 – Eje Prime

The countdown has started for the debut of Domo Activos, the socimi of the cooperative manager of the same name. The company will make its debut on Thursday 21 September on the Alternative Investment Market (MAB), where it will list at €2 per share, a price that represents a market valuation for the company of €7 million, according to the BME.

The company, which is the 41st to make its debut on this market under the Socimi framework, owns just one asset, a plot of land in Madrid, located in El Ensanche de Vallecas, which it purchased in March from Sareb for €6.55 million. The land has a maximum buildability of 9,348 m2 and the firm plans to build 80 homes on the site, plus six ground floor commercial premises and parking.

For the next two years, the firm will focus on developing this project, according to details contained in the information brochure that accompanies its stock market debut. It estimates that the homes will be ready to lease “from September 2019”.

Domo has a business plan that includes taking on new land purchases to develop real estate assets, with the aim of subsequently making cash from them by leasing them out “for at least three years”, and ultimately, selling them.

This strategy includes the development of homes, hotels and tourist apartments, primarily in the Community of Madrid, Cataluña, País Vasco, Málaga, Sevilla, Granada, Córdoba, the Community of Madrid, the Balearic Islands and the Canary Islands.

The Socimi chaired by Feliciano Conde Anguita (pictured above) plans to pay for this business plan through capital increases, in such a way that the firm will undertake operations of that kind, “to the extent that investment opportunities arise”. Current shareholders will have preferential subscription rights in future capital increases.

Original story: Eje Prime (Original article dated 19 September 2017)

Transltion: Carmel Drake

Socimi Trajano Iberia Launches €47.2M Capital Increase

7 September 2016 – Expansión

The Socimi Trajano Iberia, which is listed on the MAB and managed by the real estate investment division of Deutsche Asset Management, is going to carry out a capital increase amounting to €47.2 million, with the aim of raising new funds to allow it to continue to benefit from the real estate cycle in Spain and Portugal.

The Socimi, which expects to have invested all of its initial funds (€182 million) by the end of this year, is on the look out for new investment opportunities.

On 14 June, Trajano approved a capital increase amounting to a maximum of €47,238,400, through the issue and placing into circulation of 4,723,840 new ordinary shares at €10/share, which represents a discount of 6% on the company’s current share price (of €10.65 per share) and 5% on its latest NAV, published at the end of 2015 (of €10.52 per share).

Trading of the subscription rights is expected to begin on 12 September and the preferential subscription period will last for one month.

The Company’s Board of Directors has ratified its plans to participate in the increase covering at least 58% of the maximum amount, which will amount to €27.5 million.

The team responsible for Deutsche Asset Management’s real estate division in Spain and Portfolio has undertaken transactions amounting to almost €1,000 million over the last 15 months and currently has a portfolio of assets under management amounting to around €1,300 million. To date, the Iberian portfolio comprises 17 real estate assets: 7 shopping centres, 7 office buildings and 3 logistics assets, with a combined leasable surface area of around 400,000 sqm.

Original story: Expansión

Translation: Carmel Drake

Corpfin Capital Lists 2nd Investment Vehicle On MAB

28 January 2016 – Expansión

After debuting its first Socimi on the Alternative Investment Market (MAB) last September, Corpfin Capital is trying its luck on the Madrid stock exchange once again, just four months later, in the form of its second listed investment vehicle, Corpfin Capital Prime Retail III, which starred yesterday in the first ring of the bell in 2016.

The real estate arm of Corpfin Capital, which has so far launched four investment vehicles, is intending to create a fifth entity this year with a view to entering new businesses and expanding the mix of assets to include the residential, hotel, office and retail segments. “We are exploring other types of investments, but through another vehicle”, explained Javier Basagoiti, Managing Partner of Corpfin Capital Real Estate and President of the new Socimi.

Specifically, the two Socimis have a joint investment capacity of €110 million for 2016 and they have already spent €76 million. “The remaining €30 million has already been allocated to the purchase of assets, mostly in Madrid”, says Basagoiti, who rules out a capital increase for the time being.

The Director explained that he expects (the vehicle) to provide investors with an annual return of more than 15%, compared with the current yield of 7%.

Despite the sudden rise of the Socimis – Corpfin Capital Prime Retail III is the twelfth company of its kind to list on the MAB –, Basagoiti denies that a Socimi bubble is emerging, instead he regards the vehicles as investment “opportunities”. “A bubble would be created if the investment policy was no good and it was playing on the change in the (economic) cycle with risky investments”, he said. 90% of the company’s investors are domestic and 10% are from the United Arab Emirates. “We focus on small-time savers and private banking clients”, he says.

The real estate area is one of Corpfin Capital’s core business areas; its primary activity is the management of private equity funds.

Original story: Expansión (by Rebeca Arroyo)

Translation: Carmel Drake