Zambal Socimi Acquires Everis’s Headquarters in Madrid

1 October 2018

Zambal, a socimi managed by the IBA Capital Partner fund, has acquired the Novus Building, the headquarters of Everis, located at 1 Fuente de la Mora (Madrid) for 90 million euros from funds controlled by AXA Im Real Estate.

Market sources explained to Expansión that the price of the transaction, in which the company that owns the property was sold, includes the debt associated with it.

The building, last renovated in 2017, is occupied by Everis NTT Data Company, which occupies 88% of the gross leasable area. In addition to the consultancy, other tenants include Hilti and Eurest.

Novus is located in Manoteras, one of Madrid’s business centres, near the headquarters of Iberdrola, La Caixa and BMW. Overall, the Novus Building has a gross leasable area of 42,945 square meters, divided into five floors of offices, storage areas and common gardens.

The property also has four courtyards and 561 parking spaces. The consultancy Cushman & Wakefield, which had already advised Everis in its leasing operation, and EY Abogados provided services for the seller, while the law firm Garrigues and PwC, the buyer’s financial and tax advisor, advised Zambal.

Other operations

With this transaction, Zambal has strengthened its asset portfolio. The socimi bought two office buildings at the end last year. One is located at 25 Albarracín Street, in the area of Julián Camarillo, in Madrid. The complex is currently leased to the French multinational Atos for about 38 million euros.

The company also acquired an office building located at 77 Avenida de San Luis from Naturgy (formerly Gas Natural) for about €120 million. The gas company is still a tenant. Zambal, created in 2013, debuted on the Alternative Stock Market (MAB) in 2015 and currently has a market capitalisation of 667 million euros.

Original Story: Expansión – Rebeca Arroyo

Photo: zambalspain.com

Translation: Richard Turner

FREO Completes Second Purchase In Spain

22 May 2017 – Freo Group

FREO has made its second acquisition in Spain, this time in conjunction with a large American investment fund. Together they have purchased a value-add office portfolio comprising 14 assets distributed between Madrid, Barcelona and Valencia. The portfolio was purchased from BBVA (one of Spain’s largest banks).

The majority of the portfolio consists of good quality office assets in the major sub-markets of Madrid and Barcelona – namely Julian Camarillo, Manoteras and Alcobendas in Madrid and 22@ in Barcelona.

FREO will be responsible for the asset management of the portfolio and will execute a variety of asset specific business plans due to the heterogeneity of the portfolio, ranging from small amounts of capex and leasing/lease renegotiation, through to total asset refurbishment and repositioning projects.

Original story: Freo Group

Edited by: Carmel Drake

Liberbank Puts Building On c/San Jerónimo Up For Sale

13 September 2016 – El Confidencial

Liberbank has decided to cash in one of the gems that it inherited from the former Caja Castilla-La Mancha (CCM), specifically: the building located at number 19 on the sought-after Carrera de San Jerónimo. It is a modern, 5-storey building, with a ground floor, terrace and parking area, which was fully renovated less than a decade ago; and it is located just a stone’s throw away from Palacio de las Cortes, right in the heart of Madrid.

In financial circles, it has always been said that this building was a personal whim of Juan Pedro Hernández-Moltó, who, after leaving the Congress of Representatives and taking over the reins at CCM, saw an opportunity to unit his two passions in this property, which was completely remodelled in 2007, just two years before the Manchego entity was intervened by the Bank of Spain and sold to Cajastur, from which the current Liberbank emerged.

Faced with these trappings from the past, the entity led by Manuel Menéndez is now immersed in an asset sale process, which includes an open process to sell this headquarters building, which has a total surface area of 2,500 sqm and which may fetch up to €13 million upon sale, according to sources familiar with the process.

In addition, the decision to put this property up for sale comes a year and a half after Liberbank acquired a complex of office buildings measuring 13,500 sqm from Sareb in Fuente Mora, number 2, in the area known as Manoteras, which is close to the headquarters of companies such as Axa, Caser and BBVA’s Ciudad Financiera. (…).

Although initially, the group was considering the possibility of holding onto the headquarters on Carrera de San Jerónimo for its President and institutional work, the roadmap that the entity is now working with involves transferring all of its offices in Madrid to the new offices in Manoteras, and leaving the building free for the new purchaser to fill with its own tenant.

Sales plans

At the presentation of its latest quarterly results, Liberbank acknowledged that its priority now is to sell off as many of its non-performing assets as possible this year, given that the EPA (asset protection scheme) that it was granted by the State to cover it against potential losses in CCM will come to an end on 31 December 2016.

The hole inherited from the Manchego entity currently amounts to €2,000 million, whereas the cushion from the EPA barely amounts to €456 million. Its divestment strategy also includes trying to sell a portfolio of overdue mortgages amounting to between €700 million and €800 million.

Original story: El Confidencial (by Ruth Ugalde)

Translation: Carmel Drake