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 (…).
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