16 May 2018 – Eje Prime
Tarjar Xairo will add a fifth asset to its portfolio next year. The logistics Socimi has just purchased a plot of buildable land in Madrid for €1.17 million, according to a statement filed by the company with the Alternative Investment Market (MAB).
The investment company is going to build a commercial premise on the site, which is located in the Cerro de las Columnas area of the Madrilenian town of Pozuelo de Alarcón. The building work for the construction of the asset will begin at the end of 2018 or the beginning of 2019. Tarjar will lease out the space once the project has been completed.
For the acquisition of the plot, the Socimi has signed a mortgage loan with CaixaBank amounting to €2.5 million. The company has used two of its existing industrial warehouses as collateral, located in Coslada (Madrid) at numbers 31 and 33 Calle Fuentemar. Tarjar is the landlord of the Catalan pharmaceutical giant Grifols in the first of those properties.
The loan will be repaid over 144 monthly instalments between now and 2032 and will have a fixed annual interest rate of 1.5% plus 12-month Euribor. The plot in Pozuelo will be added to the existing real estate portfolio, which already contains four industrial warehouses. Besides the two properties in Coslada, Tarjar owns a third logistics space in Madrid, at number 75 Calle Hierro. Moreover, beyond the Spanish capital, the Socimi owns a fourth asset on the Ribarroja del Turia industrial estate, in the province of Valencia.
In total, the four properties span a constructed surface area of around 25,000 m2 and a leasable surface area, primarily for industrial and office use, of 22,000 m2.
50% of Tarjar is currently under the control of María del Carmen Escribano Sánchez-Beato, who owns 86,692 shares in the Socimi. After her, the other two main shareholders are Juan Hernández Villa, who owns 12.7% of the Socimi, and Francisco Javier Echenique Gordillo, who owns 7.6%. Hernández Villa also manages the Socimi’s rentals through his company Arquibuba.
First anniversary on the MAB
Tarjar Xairo started to operate as a listed company over a year ago now. The logistics Socimi rang the bell of the Alternative Investment Market (MAB) on 20 February 2017 with a company valuation of €9.2 million. The company, which thereby became the 30th Socimi to debut on the stock market, set an initial share price of €53.12.
Now, with twenty more Socimis trading on the MAB (50 in total), Tarjar is betting on buildable land for commercial use, which it hopes will allow it to continue growing. In 2017, the Socimi registered a profit of €118,710, with revenues of €377,509, according to the company’s public records (…).
Original story: Eje Prime (by J. Izquierdo)
Translation: Carmel Drake