Tag: investment vehicle

Moonlake Capital Launches a Vehicle to Invest €600M in NPLs

27 May 2019 – Eje Prime

Moonlake Capital is going to launch a vehicle to invest €600 million in large portfolios of non-performing loans in Madrid, Barcelona, the Costa del Sol, the Balearic Islands, Valencia and Sevilla.

The new vehicle will operate as a servicer for the fund and so will manage and divest the portfolio of properties that the banks were left with after their owners were unable to keep up the repayments on their mortgages.

As such, the investment group created in 2016 and headquartered in Madrid will enter the market to compete with the likes of Servihabitat, Altamira, Solvia and Haya Real Estate, amongst others.

In parallel, Moonlake is also planning to create a joint venture with an as yet unidentified investor to develop a 2.5 million m2 project in Málaga’s technology park, involving the construction of 5,000 homes, 110,000 m2 of industrial warehouses and 30,000 m2 of commercial premises.

Original story: Eje Prime (by Marta Casado Pla)

Translation/Summary: Carmel Drake

Inbest Prepares New Investment Vehicle for Retail Parks & Finalises MAB-Debut of its Socimis

15 May 2019 – Eje Prime

Corpfin Capital Real Estate is planning to launch a vehicle to invest up to €60 million in retail parks. Meanwhile, it is working towards the debut of its four Socimis on the Alternative Investment Market (MAB) in June.

To date, the company has been channelling its investment in retail parks through a vehicle it created in 2015, Corpfin Capital Retail Parks, with an investment volume of €44 million. But now it is going to create a second vehicle, Inbest Parks II, which will have €60 million to spend, with the aim of providing continuity and attracting new investors.

In parallel, the company is focused on the MAB debut of its four Socimis, which are due to list for the first time on 27 June. In total, the companies have an investment volume of €400 million, comprising own funds and debt. Most of that figure (€378 million) has already been invested in the purchase of three buildings from El Corte Inglés and the acquisition of the commercial premises in Edificio España.

Original story: Eje Prime (by Marta Casado Pla)

Translation/Summary: Carmel Drake

Nuveen & Value One Join Forces to Invest €600M in Student Halls

11 March 2019 – Eje Prime

The investment manager Nuveen Real Estate, which owns 50% of the Xanadú shopping centre in Madrid, has teamed up with the Austrian real estate firm Value One to create a new investment vehicle with €600 million to spend on the promotion and management of student halls in Europe.

The new company already has three assets, in Vienna, Lisbon and Porto, which the companies expect to launch within the next two years.

Under the terms of the agreement, Nuveen is the investment advisor, Value One is the property developer and Milestone, a subsidiary of Value One, will be the operator of the properties once they are up and running.

Original story: Eje Prime

Translation/Summary: Carmel Drake

Generali Creates New Retail JV with €500M to Invest in Shopping Centres

5 March 2019 – Eje Prime

Axis Retail Partners – that is the name of the new investment vehicle focusing on shopping centres that Generali has just launched. The insurance company holds a 51% stake in the company, which is going to invest €500 million in high-quality shopping centres across Europe.

The vehicle is expected to create its first fund, Generali Shopping Centres, during the second quarter of 2019, once the necessary approvals have been obtained. The fund’s expected annual return is 7%.

Original story: Eje Prime 

Translation: Carmel Drake

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

Izilend to Spend €200M Financing Real Estate Projects in Spain

1 February 2019 – Expansión

Izilend has arrived in Spain with the launch of a vehicle, which has funding of up to €200 million to finance real estate projects in the country.

Since September, the alternative financing firm has already undertaken ten operations worth €20 million and it plans to finance operations amounting to €50 million during the course of this year.

Izilend, which has a presence in Portugal with a real estate crowdfunding platform, forms part of the holding company FS Capital Partners, which also includes a servicer, Fintech, Finsolutia and a financial advisory company (EAFI).

Izilend is thereby joining other alternative financing platforms specialising in the real estate sector that have made their debuts in Spain in recent months, such as Íbero Capital Management, from the US investment fund Oak Hill Advisors, and the firm promoted by Azora and Oquendo.

Focus

In the case of Izilend, the firm focuses on the financing of projects amounting to between €1 million and €10 million. To date, it has financed investors, property developers, cooperatives and Socimis for projects in Madrid, Málaga, Sevilla and the Balearic Islands. The financing fund intends to continue expanding the focus and to finance different types of assets ranging from housing, offices, retail and land in the main cities of Spain and Portugal.

Francisco Jonet, one of the people responsible for Izilend’s business in Spain, explains that the company offers a solution to property developers and real estate investors to develop projects that the traditional banks are not interested in either due to the type of product, the situation of the operation or the response times.

“To date, we have financed firms ranging from small property developers to Socimis, and products ranging from land to residential blocks, located in different provinces around the country”, said Jonet.

Gonzalo Gutiérrez de Mesa, the other person in charge of the fund, forecasts that the demand for alternative financing will double over the next five years and will thereby approach the market rates in more mature countries in Europe, where this type of financing accounts for between 30% and 40% of the total market. “We are creating a new niche in which we believe there is great potential”, adds Gutiérrez.

Original story: Expansión (by Rebeca Arroyo)

Translation: Carmel Drake

Meridia III Raises €44M to Grow its Property Portfolio

31 January 2019 – Idealista

The Catalan fund Meridia is giving a boost to one of its Socimis. Meridia Real Estate III, led by the businessman Javier Faus, has increased its capital by €44 million, according to an announcement made by the group in the Official Gazette of the Mercantile Registry (BORME). This increase will serve to allow the company to continue with its business plan and add new properties to its portfolio.

According to explanations provided by the company to Idealista News, this increase forms part of the normal operation of the investment vehicle during its investment phase. Meridia Real Estate III is a vehicle dedicated to investment in all segments of the real estate sector in Madrid and Barcelona. The company’s portfolio currently comprises nine assets, including office buildings, industrial platforms and a shopping centre.

One of the most recent operations to be closed by the investment vehicle was the acquisition from the US fund Värde of a plot with a buildable surface area of 24,600 m2 in the 22@ district of Barcelona for €25.8 million.

The company, which purchased that land through its Socimi Meridia III, has already paid half of the cost of the operation. Payment of the remaining €12.9 million has been postponed until 17 March 2020, and it has been guaranteed by a mortgage on the land acquired, according to reports by the company to the stock market regulator.

With this purchase, the company is seeking to undertake a transformation plan for tertiary purposes in the Barcelona district. Currently, Meridia III owns more than 60,000 m2 of buildable space in the 22@ district, making it one of the leading investors in that area of the Catalan capital.

Meridia’s Socimi has been listed on the MAB since the end of last year. The company has starred in some of the most important operations of the last two years, both in the office market, as well as in the retail segment (…).

The fund manager is preparing to launch its fourth fund onto the market before the end of this year. The company is currently in the pre-market phase in territories such as Benelux and Israel, amongst others. The group’s new investment vehicle will join Meridia II, currently in its divestment phase, and Meridia III.

Original story: Idealista (by Custodio Pareja)

Translation: Carmel Drake

Arcano Sells 2 Buildings in L’Hospitalet de Llobregat to a Family Office for €40M

17 January 2019 – Eje Prime

Arcano is divesting two of its assets. The real estate fund Asoref has sold two buildings in Plaza de Europa, in the Barcelona municipality of L’Hospitalet de Llobregat to a family office for €40 million, according to Expansión.

In the case of the first asset, located at numbers 22 and 24 Plaza de Europa, it is an office building spanning 7,3000 m2, which was acquired by Arcano two years ago and which has been completely renovated and repositioned. The offices, distributed over four above-ground floors, have an occupancy rate of 100%. The tenants of the property include companies such as Aide, Zurich and Vanity Fair.

In the case of the second building, located at number 10 Plaza de Europa, it is a project that is still under construction. The building work is expected to be finished this year at which point the building will have a gross leasable area (GLA) of 5,000 m2.

The two buildings were acquired with Arcano’s first real estate investment fund, which was launched in the summer of 2015 and which had €100 million of capital. Currently, the company is in the process of raising capital for its second fund, Arcano Value Added II. The investment vehicle will amount to between €150 million and €200 million, and €70 million has already been committed.

Original story: Eje Prime

Translation: Carmel Drake

Excem to Promote 5,000 Luxury Homes in the Costa del Sol & Murcia

21 November 2018 – Eje Prime

Excem is increasing its commitment to the luxury residential sector. The company owned by the Hatchwell family has set itself the objective of promoting 5,000 luxury homes on the Costa del Sol and Murcia, within the context of the development of its LOV Real Estate division. To launch these homes, which will follow in the footsteps of a development on Calle Fuencarral in Madrid, Excem has created the brand Solomon Homes.

Excem’s plans with LOV Real Estate involve starting to promote its entire land bank in 2019. The first projects to be commercialised in the south include four promotions in Condado de Alhama, one of the best resorts on the Costa Cálida. In that complex, LOV has already started work on the construction of Villa Primavera, Villa Amapola and Villa Atardecer, as well as Edificio Poniente. The company plans to hand over those homes next summer.

Further south, on the Costa del Sol, the property developer is finalising the signing of several projects with “the same model of avant-garde and unique architecture” in the area, on the fashionable coastline of the Spanish residential market. The company expects to achieve a return of more than 20% in each of its projects.

The starting point for luxury

Nevertheless, Excem’s starting point with LOV Real Estate will be a 25-home development on Calle Fuencarral in Madrid. The group’s first development will involve an investment of €14 million and will be located at number 142 of the Madrilenian street, right in the heart of the Spanish capital.

The company has already started work and its pre-sales amount to 80% with just four homes left to market. The buyers include investors and architects, explain sources at Excem (…).

The property developer plans to handover those homes, which will have between one and three bedrooms, before the end of 2019. The homes will have surface areas ranging from 55 m2 to 175 m2, and prices starting at €400,000, and going up to €1.5 million (…).

Excem: true to its roadmap 

The last investment vehicle launched by Excem Real Estate, the real estate division of the Excem Group, was Siwork, specialising in co-working and for which the group has partnered with WeWork, as Eje Prime revealed. With Excem Capital Partners Siwork, the group stays true to its roadmap: to be present in the Spanish real estate sector with three Socimis, diversified by type of asset and focused on millennial clients.

The first of the three companies launched by the Israeli family in Spain was Excem Capital Partners Sociedad de Inversión Residencial. Specialising in rental housing aimed at millennials, the company debuted on the Alternative Investment Market (MAB) in July worth €17 million. Currently, the company owns 28 assets in Spain and has several shareholders ranging from private investors to business people and family offices.

Besides Excem Capital Partners Sociedad de Inversión Residencial, the Hatchwell family also operates in the Spanish real estate sector with Situr, a firm specialising in tourist properties such as apartments and hostels. The investment target for this second Socimi is approximately €250 million between now and the rest of 2018. The company has set itself the objective of having 3,500 beds in a dozen buildings, located primarily in Madrid and Barcelona, as well as in other tourist cities around the country.

With the activation of Siwork, the plans for this new company involve carrying out an investment of €200 million to acquire a dozen buildings in Spain’s main cities.

The Hatchwell family’s links with the real estate world date back to the beginning of the 1970s, when Mauricio Hatchwell Toledano founded the group, specialising first in cement and later in technology and real estate. Nowadays, the company is led by his children David, Philip and Kareen Hatchwell Altaras.

Original story: Eje Prime (by J. Izquierdo)

Translation: Carmel Drake

Azaria Rental Will Debut on the MAB with a Valuation of €45M

19 September 2018 – Eje Prime

A steady flow of Socimis is continuing to debut on the stock market. The Coordination and Incorporation Committee of the Alternative Investment Market (MAB) has approved the debut of Azaria Rental Socimi, specialising in the rental sector. The Socimi will start to trade at a price of €5.40 per share, which means that its valuation will amount to €45 million.

Azaria Rental will trade with the code YAZR in the fixing modality, typical for securities with lower volumes and liquidity, given that it concentrates the supply and demand for the shares at 12 noon and 4pm each day.

Renta 4 Corporate is the registered advisor of the company and Banco Sabadell will act as the liquidity provider, according to a document submitted to the MAB. Azaria Rental has just one asset: it owns 100% of Bifur Investments, in turn, the owner of an industrial and office complex located at number 40 on Calle Miguel Yuste, where the El País newspaper is headquartered.

The tenant has a contract in force, with a mandatory duration of 25 years starting in 2008. The annual rent amounts to €4.9 million (…).

The objective of Azaria is to create a real estate investment vehicle to obtain returns of between 4% and 5%, “resulting from rental contracts with a net triple income profile over the long-term”.

Original story: Eje Prime

Translation: Carmel Drake