Tag: MAB

Trivium to List on MAB with Market Value of €255MM

28 June 2019

Trivium, a Spanish socimi which invests in retail assets, will go public on MAB, the alternative stock market, with a market value of 255 million euros. The socimi’s real estate portfolio currently consists of 362 commercial premises and more than 9,400 parking spaces. The firm has a presence in shopping centres such as the Villa Real in Santander and the Gran Casa in Zaragoza.

The assets add up to a total gross leasable area (GLA) of 116,437 square meters, valued at 488 million euros. Trivium will also invest 38.8 million euros in renovating and modernising its holdings.

Original Story: EjePrime

Socimis to Account for 66% of Listings on Spain’s MAB by July

25 June 2019

Three socimis, Millenium, Inbest and La Finca, will begin trading on Spain’s Alternative Stock Market (MAB) in the near future. After they do, socimis will account for 69 of the 103, listed companies on the exchange, equal to two-thirds of the index.

The MAB was created in 2006 and opened to small and medium-sized companies in 2008. The platform is a good vehicle for such companies since trading is normal and the market is well-regulated, but the bureaucratic hurdles to list a new company on the exchange are less intimidating.

The Spanish government approved the regulatory framework for socimis in 2012, and Entrecampos and Promorent first went public in 2013. General de Galerías Comerciales, GMP Property and Testa Residencial are the three largest listed socimis on the MAB.

To join the MAB, companies must have fully paid-up capital, audited accounts and list through an initial public offering with a minimum free float of €2m.

Original Story: ABC – Moncho Veloso

Inbest to Make its MAB Debut with a Prime Retail Portfolio

21 June 2019 – Expansión

The Spanish firm Corpfin Capital is finalising the stock market debut of its investment vehicle Inbest, which it created last year with the aim of investing around €400 million in prime retail assets.

Inbest has already starred in some of the most high profile operations in the sector, including the purchase of the commercial space in Edificio España for €160 million and the acquisition of 3 buildings located on Gran Vía 20, in Bilbao; Princesa 41, in Madrid; and Calle Colón in Valencia, for €184 million.

The firm’s MAB debut is scheduled to take place during the first half of July, most likely on 9 July, through four of the five Socimis that it has created with the assets acquired.

Original story: Expansión (by Rocío Ruiz)

Translation/Summary: Carmel Drake

La Finca Global Assets Approves its MAB Debut for July

12 June 2019 – El Confidencial

On Wednesday, the General Shareholders’ Meeting of La Finca Global Assets approved the company’s debut on the stock market, which will take place during the first week of July.

The decision was supported by Susana García Cereceda, President of the company and owner of 50% of the share capital, and Värde Partners, which holds a 39% stake. It was opposed by the President’s sister, Yolanda, who owns a 10.99% stake, but she was outvoted.

La Finca owns 220,000 m2 of office space worth €725 million as at 31 December 2018, all of which is located in Madrid and Pozuelo de Alarcón. Nevertheless, the company has debt amounting to almost €400 million, and has to cover the costs of managing its business parks, and so, its final valuation is expected to range between €156 million and €170 million.

At its meeting, the General Shareholders also approved the company’s accounts for the year ending 31 December 2018, which reported operating profits of €45.9 million, mainly from rental income and a result for the year of €9.73 million, up from €4.6 million in 2017.

Original story: El Confidencial (by Agustín Marco & Ruth Ugalde)

Translation/Summary: Carmel Drake

Cerberus Submits Bid to Acquire Socimi Optimum Re for €70.5M

13 June 2019 – Expansión

The US fund Cerberus has submitted an offer to acquire 100% of the Socimi Optimum Re Spain, which is listed on the MAB with a market capitalisation of €60.5 million.

Through its shell company Promotora Holding 295, Cerberus is offering €14.10 per share, which represents a premium of 16.5% over the Socimi’s closing share price yesterday of €12.10. As such, Cerberus is valuing the Socimi at €70.5 million.

Optimum Re was created in 2016 and has invested €65 million in the purchase of buildings and another €5 million in the renovation of homes. As at 31 December 2018, its assets were worth €104.77 million.

Original story: Expansión (by S.S.)

Translation/Summary: Carmel Drake

El Corte Inglés Closes Los Arcos & Bahía Sur Shopping Centres and Sells Them to Castellana Properties

27 May 2019 – Cinco Días

El Corte Inglés has reached an agreement with Castellana Properties to sell two shopping centres in Andalucía, specifically Los Arcos (11,000 m2) in Sevilla and Bahía Sur (12,000 m2) in Cádiz, for €36.8 million.

The deal will become effective on 30 September, on which date both the El Corte Inglés store in Bahía Sur and the Hipercor in Los Arcos will be closed. The department store group will use the funds to reduce its debt, which amounted to €3.7 billion at the end of the first half of 2018.

The operation does not form part of Project Green, the portfolio containing 95 non-strategic real estate assets that ECI has entrusted to PwC, and whose sale is still on-going. According to market sources, the only bid received so far for the entire portfolio has come from the US fund Apollo.

Meanwhile, the Socimi Castellana Properties, which is listed on the Alternative Investment Market (MAB), is controlled by the South African group Vukile, and has 17 assets in its portfolio including shopping centres, retail parks and offices spanning a combined leasable surface area of 317,106 m2, worth €916 million.

Original story: Cinco Días (by Alfonso Simón Ruiz & Javier García Ropero)

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

Ores has Invested €362.5M in 35 Assets Across the Iberian Peninsula

16 April 2019 – Eje Prime

Ores, the Socimi owned by Bankinter and Sonae Sierra, has invested €362.5 million in 35 assets across the Iberian Peninsula since its creation, according to a report filed by the company with the Alternative Investment Market (MAB) at the end of Q1 2019.

During the first quarter of this year, the company purchased a retail store in Burgos with a gross leasable area of 724 m2 for €5.2 million.

The company’s portfolio comprises hypermarkets (28.1%), mini-hypermarkets (17.8%) and retail parks (15%), amongst others. Its assets are located mainly in Madrid and Barcelona, as well as in prime areas of provincial capitals.

Original story: Eje Prime 

Translation/Summary: Carmel Drake

CorpFin Completes €10M Capital Increase for Inbest

8 April 2019 – Eje Prime

The Spanish fund manager CorpFin has completed a capital increase amounting to more than €10 million in Inbest Prime III Inmuebles and Inbest Prime I Inmuebles, two of its four vehicles specialising in retail.

Specifically, Inbest Prime III Inmuebles increased its capital by €2.33 million, taking the total subscribed amount to €12 million. Meanwhile, Inbest Prime I Inmuebles increased its capital by €8.22 million, resulting in a total subscribed amount of €25 million.

This latest injection of funding follows more than ten capital increases that the firm led by Ana Granado has carried out in recent months.

Corpfin launched Inbest Real Estate in April 2018 with the aim of investing in high street buildings and converting them into flagship stores. Inbest channels its investments through four vehicles, Inbest Prime I, II, III and IV, which will debut on the Alternative Investment Market (MAB) in September 2019.

The funds’ largest operation to date was its purchase of the retail premises in Edificio España last year, on which it spent €160 million.

Original story: Eje Prime (by I. P. G.)

Translation/Summary: Carmel Drake

Galil Capital Revises its Loss Forecast for 2019 Down to -€25M

1 April 2019 – Eje Prime

Galil Capital, the Socimi led by the Israeli businessman Gil Avraham Shwed expects to close the year with losses of €25 million. It has revised its forecasts down from losses of €46 million (-44%) after completing a €6.59 million capital increase, which will allow it to acquire new residential properties. As such, the Socimi expects to increase its rental revenues by 5% to €1.26 billion.

Galil Capital expects to add one small and one medium-sized building to its portfolio this year. At the end of June 2018, its portfolio comprised six assets and was worth €31.36 million.

Original story: Eje Prime

Translation/Summary: Carmel Drake