Tag: long-term rental contract

ASG Joins Forces with Hampton by Hilton to Build a €40M Hotel in Barcelona

27 February 2019 – Eje Prime

ASG is launching a new hotel project in Spain. The group has formalised an agreement to build a Hampton by Hilton hotel containing 242 rooms in Barcelona. Construction work on the complex has already started and is expected to finish in the first quarter of 2021. The project is predicted to involve an investment of around €40 million.

The German manager is going to build the establishment opposite the Fira de Barcelona, in the Plaza Europa business district, according to reports in a statement. Hampton by Hilton Barcelona Fira Gran Vía will operate by virtue of a franchise contract with Borealis Hotel Group, which has signed a long-term rental agreement to operate the new hotel.

This is the third investment made to date in the Spanish hotel sector by funds backed by ASG. Hard Rock International joined forces with ASG in October to open a hotel that the latter is building in a former office building in the museum district of Madrid.

Moreover, ASG is undertaking the renovation of a hotel in the historical centre of Málaga to position it in the luxury segment. The Hampton by Hilton hotel in Barcelona is an investment carried out by ASG’s Iberia Fund I (…).

Original story: Eje Prime

Translation: Carmel Drake

Solvia Sells 3 Hospitals Leased to Quirón for c. €200M

31 October 2018 – Eje Prime

Solvia is making cash with its real estate portfolio. The servicer of Banco Sabadell has sold three buildings in Barcelona, Bilbao and San Sebastián, which are all leased to the hospital group Quirón. The operation has been signed with a domestic investor, whose name has not been revealed. Moreover, the consideration paid for the assets has not been disclosed either.

Owned by the German giant Fresenius, Quirón has long-term rental contracts for these three properties. Solvia said that there has been a lot of interest in the operation from players both at home and overseas.

Hospital Quirón Barcelona is located just five kilometres from the centre of the Catalan capital. The property, constructed in 2006, was renovated in 2017 and contains 187 beds in total.

Hospital Quirón Vizcaya, meanwhile, is located in the town of Erandio, ten kilometres from the centre of Bilbao. That building is home to 110 beds.

Finally, Hospital Quirón San Sebastián (pictured above) forms part of a former palace dating back to 1936 and, subsequently, was converted into a hospital comprising a complex of three buildings. That hospital is located just two kilometres from the centre of the city and has 60 beds in total.

Original story: Eje Prime 

Translation: Carmel Drake

ASG Purchases 19 Gas Stations in Northern Spain from Axa

6 February 2018 – Eje Prime

Activum SG is backing alternative investments. The company, which operates in Spain under the name ASG, has acquired 19 gas stations in the north of Spain, which had been owned until now by Axa Real Estate.

The assets are located in areas adjacent to large shopping centres and hypermarkets and are linked to long-term lease contracts with Eroski and Carrefour. The purchase has been carried out through Fund V, which ASG has just closed and which forms part of its diversification strategy, according to El Confidencial.

In 2011, Axa Real Estate acquired a portfolio of 28 gas stations from Eroski for €55 million. Following that operation, the supermarket group continued its gas station activity on the basis of a 20-year rental regime.

ActivumSG is expanding rapidly in Spain. At the beginning of the year, the company announced the creation of a new €500 million fund for real estate investments across Europe, as Eje Prime revealed. Of those, three are located in the Spanish market.

Original story: Eje Prime

Translation: Carmel Drake

Zambal Acquires 2 Office Buildings in Madrid for €70M

4 December 2017 – Eje Prime

Zambal is continuing to gain ground as one of the star Socimis in the office sector in Spain. The company, managed externally by IBA Capital Partners, an independent private equity firm specialising in real estate investments, has just invested €70 million in the purchase of two office buildings in Madrid, according to sources at the group.

The company formalised its purchases in November. The first is an office building located at number 96 Calle Santiago de Compostela, in Madrid. The building has a gross leasable area of 14,317 m2 and 182 parking spaces. Currently, the building is leased in its entirety to the Community of Madrid.

The Socimi has also added another property to its asset portfolio in Madrid. That building is located at number 44 Calle Lérida and has a gross leasable area of 4,039 m2. It is currently leased to Gas Natural. According to the group, both acquisitions “have been financed in their entirety using own funds and financing from the main shareholder”. On 23 November, Zambal formalised a loan with Altaya for €60 million.

Moreover, between May and July this year, the company launched a €91 million capital increase on the market through the issue and launch into circulation of 91.2 million shares with a nominal value of €1 each and an issue premium of €0.25 per share, as revealed by Eje Prime. The aim of that capital injection was to add new properties to its portfolio.

With these latest purchases, the Socimi has fattened up its asset portfolio, worth more than €730 million. These two office buildings are the first assets that Zambal has acquired in 2017. Prior to that, the most recent asset that the Socimi added to its portfolio was Gas Natural’s headquarters in Madrid, for which it paid €120 million. That property is located at number 77 Avenida de San Luis in Madrid and is leased in its entirety to Gas Natural (…).

Management team 

The Socimi is managed by executives who have extensive experience in the Spanish and European real estate markets. The head of the company is Thierry Julienne, founding partner of IBA Capital Partners and President of the Socimi. Before taking over the reins of Zambal, the executive was Director of Constructa Asset Managment in Spain and Portugal, Director of the Capital Markets Department at Auguste-Thouard, Co-founder and Director at EXA Real Estate Advisors and founder of Abedo Asset Management.

The executive Jesús Valderrama works alongside Julienne leading the company. He started his career in the international department at Eurohypo and later went on to serve as the bank’s Director of Operations in Spain. Julienne and Valderrama are accompanied by Beltrán Martínez, Administrative and Finance Director of IBA Capital, and Maria Gistau, Director of the Asset Management team at Zambal, who has held several positions of responsibility in companies such as Sonae Sierra.

Zambal has one major shareholder, the company Altaya, which is domiciled in Singapore. The company’s portfolio is primarily focused on buildings used for office and commercial purposes. By region, Madrid accounted for 80% of the Socimi’s rental income in 2015, and Barcelona the remaining 20%.

Original story: Eje Prime (by Custodio Pareja)

Translation: Carmel Drake