Tag: Mazabi

Mazabi Launches a New Retail Park Project with €30M of Own Funds

16 October 2018 – Eje Prime

Mazabi is committed to retail parks. The Spanish property manager has launched Atalaya Superficies Comerciales onto the market, a project that has been created to develop retail parks and premises, which is going to be led by Sebastián Ojeda, according to a statement issued by the group.

Ojeda, who comes from Bankinter, is joining Mazabi with the purpose of leading the retail park sector in Spain. The new management vehicle is being created with €30 million of own funds contributed by various domestic and Latin American family offices. Atalaya has set itself the objective of achieving sales of more than €180 million over the next six years.

In addition to Ojeda, who has more than twenty years of experience in the banking sector, Mazabi is going to recruit other professionals and it will also engage specialist external advisors. The commitment of the real estate company to retail parks responds, according to the company, to the fact that it is “a sector with a high demand for professionalization and with high growth expectations over the medium term”.

“With the platform and experience offered by our multi-family office, the incorporation of Sebastián (Ojeda) into the project allows us to professionalise this area of the business, which has always been strategic for our group”, says Juan Antonio Gutiérrez, the CEO of the company.

Currently, Mazabi manages properties worth more than €1.3 billion, has investments in fourteen countries with fifty funds and has a specialist team of 25 professionals located in Madrid, Bilbao, Santander, Málaga and Luxembourg. The manager has the objective of growing its portfolio to reach €2 billion and, to that end, has engaged KPMG Real Estate to look for a long-term partner, to contribute equity of €200 million to acquire a “pipeline” of around €500 million.

Original story: Eje Prime

Translation: Carmel Drake

Silicius Acquires Offices in Madrid’s Prime Areas & Prepares Purchases Worth €500M

22 May 2018 – Eje Prime

Mazabi’s Socimi is growing its real estate portfolio. Silicius has purchased an office building in Madrid worth €20 million. The asset, located in the prime Salamanca neighbourhood, has a surface area of 2,350 m2 and has just been renovated.

The property was acquired by Mazabi in 2014 and, following the refurbishment, that same family office’s Socimi has won the auction for the building, in which several international funds and a Spanish insurance company participated, according to Idealista.

Similarly, the Spanish manager is working to undertake new investments over the next few months, ahead of its stock market debut, which is scheduled for later this year. The only question remaining is whether it will trade on the MAB or the main stock exchange. The real estate company is currently working on purchase operations amounting to almost €500 million.

Mazabi’s vehicle wants to reach an investment volume of €300 million before it rings the bell (makes its stock market debut) and opens up its share capital to new shareholders. They will boost its development in the Spanish market, where it owns a portfolio worth €120 million comprising commercial premises and offices in Madrid, as well as a hotel in Cádiz.

Original story: Eje Prime 

Translation: Carmel Drake

Mazabi’s Socimi Silicius Acquires an Office Building on c/Velázquez (Madrid)

21 May 2018 – Press Release

Silicius Inmuebles en Rentabilidad, the Socimi managed by Mazabi, has purchased an office building in the heart of Madrid’s CBD, on Calle Velázquez, 123.

The property, which has been renovated recently, meets the requirements of the investment policy established by the shareholders and represents another step in the Socimi’s growth phase, ahead of its debut on the stock market. The acquisition has been conducted entirely using own funds.

In the heart of Madrid’s CBD, the property has an above ground gross leasable area (GLA) of 2,346 m2 (offices and a commercial premise) plus 30 parking spaces. Currently, the 1st, 2nd and 3rd floors are available for rent; they are completely open plan and have a surface area of 300 m2 each. This is a highly visible property thanks to its location at the junctions of Calles Velázquez and María de Molina, and the floors enjoy lots of light (with 15 windows per floor). The property is currently in the pre-certification phase of obtaining a sustainability stamp.

This is a firm step forward for the Socimi as it advances its growth phase. The company, which specialises in long-term rental assets, is continuing its growth phase with the acquisition and contribution of new assets to its existing portfolio, following its policy to invest in diversified assets that generate stable rental income.

The Director-General of Silicius, Juan Diaz de Bustamante, said that “the purchase of this asset is a good example of the ideal asset for our portfolio, given that it meets the necessary requirements set out in our principles: to back conservative investments over the long term, as well as to ensure diversification and asset liquidity in order to pay an annual dividend to shareholders”.

With a very defined investment policy, Silicius is currently evaluating the purchase or contribution of properties worth approximately €500 million (commercial premises, out-of-town stores, shopping centres, office and hotels in Spain). The volume of investment/contribution per property amounts to between €5 million and €30 million.

Currently, Silicus owns assets worth €120 million, which generate annual rental income of approximately €6 million. The company’s assets include several commercial premises in “prime” locations with long-term tenants (Paseo de la Castellana, Velázquez, Blanca de Navarra and Paseo de Yeserías), a multi-tenant office building on c/Virgen de los Peligros (in the historical centre of Madrid), an office building on Calle Obenque, 4 in Madrid (with a façade overlooking the A-2) and a hotel with a long-term lease in Conil de la Frontera (Cádiz).

Silicius is a Socimi, managed by Mazabi, specialising in the purchase and active management of profitable assets that generate stable rental income over the long term for investors, providing them with an annual dividend (…).

Original story: Press Release

Translation: Carmel Drake

Mazabi Acquires the ‘Dávila’ Office Building in Santander

22 January 2018 – Press Release

Mazabi Gestión de Patrimonios is continuing to invest in the office segment with the acquisition of Edificio Dávila.

The building is located on General Dávila, 87, in the city of Santander (Cantabria), and has a surface area of 9,585 m2. The property is located in the centre of the Cantabrian capital, approximately 1km away from the Town Hall, and is surrounded by green spaces and public areas in the upper district of the city. It is well connected and has 126 private parking spaces. Constructed in 2013 in a modern and contemporaneous style, the building is characterised by its glass façade and regular shaped floors, with wonderful natural light and views from its upper levels.

The offices are currently leased in their entirety to the Government of Cantabria under an initial 35-year contract and over a concession period of 52 years. They house a number of the regional Government’s social and IT services.

Mazabi manages assets worth more than €1 billion and has investments in 14 countries. With a team of 22 professionals located in Madrid, Bilbao and Málaga, Mazabi considers that investment in Spain continues to be attractive due to the on-going economic growth and the historical influx of tourism (…).

Original story: Press Release

Translation: Carmel Drake

Mazabi’s Socimi Silicius Plans to Double its Portfolio in 2018

18 December 2017 – Eje Prime

Mazabi is backing Silicius‘ growth. The Socimi is ending the year by drawing a new roadmap for its future and setting itself new challenges for 2018. According to explanations provided by the company, one of its objectives is to reach an asset volume of €300 million next year, compared to its current property portfolio value of €120 million.

Currently, Silicius receives annual rental income of approximately €6 million. Recently, the company purchased a new asset in the north of the country: it acquired the property at number 2 Plaza Arroka in San Sebastián, owned until then by the supermarket chain Eroski (…).

Silicius is also currently in the middle of developing its plans for the Obenque building in the Spanish capital, which has undergone a complete renovation, according to Eje Prime. The total surface area of that property amounts to 5,870 m2 and it is used as office space, with 140 parking spaces. The work on Obenque will finish in February, but the company has already started marketing the asset, which may be leased in its entirety by a single operator or shared between several tenants. The average rental cost of the building is approximately €14/m2/month or €1.12 million per year (…).

At the beginning of October, the company signed a €29 million loan with two Spanish banking entities. With that loan, the real estate company may accelerate the purchase of assets (worth €44 million) forecast in its business plan before the end of the year.

According to Juan Díaz de Bustamante, the CEO of Silicius, these acquisitions will primarily be retail premises, out of town stores and office buildings leased over the long-term. “The strategic locations for us are the main cities in Spain and the provincial capitals, with a special focus on the north of the country”.

The company is not going to limit its acquisitions to Spain and will analyse opportunities in Europe’s major capital cities as well. Specifically, the company is currently looking at the possibility of closing an acquisition in Portugal.

The new phase for Silicius will be divided into two, according to sources at the Socimi. “Firstly, the Socimi will incorporate family groups and real estate firms into the project through the contribution of rental assets by the respective groups to diversify their investment and risk with the aim of finding liquidity and management efficiency”. In this sense, Silicius expects to be able to finance its plans with a capital increase, through contributions, ranging between €25 million and €50 million.

In the second part of the new phase, the Socimi will incorporate a contributing equity partner to its share capital. The group has set itself the objective of listing on the stock market in 2018 with a value of around €250 million. Once listed, the company’s aim is to incorporate institutional shareholders to achieve the minimum target of €400 million, the amount that the group considers necessary for the Socimi’s shares to be considered liquid.

Currently, the firm holds in its portfolio a hotel in Conil (Cádiz), two office buildings in Madrid and four retail assets with tenants such as Cortefiel on Paseo de la Castellana and another leased to Vips on Calle Velázquez.

Original story: Eje Prime (by C. Pareja)

Translation: Carmel Drake

Silicius Socimi Acquires Eroski Store in San Sebastián

4 October 2017 – Press Release

Eroski and Silicius Socimi, managed by Mazabi, have signed the sale of a property owned by the supermarket chain on Plaza Arroka, 2 in San Sebastián. The establishment, which operates under the Eroski City brand, will continue its normal activity under a lease arrangement.

“The operation forms part of our business plan, which involves divesting real estate assets to focus on our retail activity”, explained the Director of Property Development and Services at Eroski, Javier España.

The retail store has a surface area of almost 2,000 m2 and is located on the ground floor of a building inside the new San Bartolomé Muinoa urban development (…).

The operation fits within the Socimi’s new growth phase. Silicius plans to invest up to €300 million in these types of assets over the coming months. Currently, the firm owns assets worth €120 million, which generate annual rental income of €6 million (…).

About Silicius

Silicius is a Socimi, managed by Mazabi, specialising in the purchase and active management of rental assets that generate stable long-term rental income for its shareholders to provide them with an annual dividend (…).

About Eroski

Eroski is the largest cooperative distribution group in Spain and is a leading player in the regions of Galicia, País Vasco, Navarra, Cataluña and the Balearic Islands. It has a commercial network of 1,784 establishments, more than 6 million customers and more than 32,000 cooperative partners and employees.

Original story: Press Release

Translation: Carmel Drake

Silicius Socimi Raises €29M In Financing To Accelerate Asset Purchases

4 October 2017 – Press release

Silicius has signed a long-term financing agreement in order to continue with the acquisition of several new profitable assets ahead of its debut on the stock market in 2018.

The Socimi managed by Mazabi has taken another step forward. The company, which specialises in long-term profitable assets, is preparing a new phase of growth with the acquisition and incorporation into its existing portfolio of new assets, in accordance with its policy to invest in assets that generate stable returns.

Silicius has signed its first financing agreement with two Spanish banks for a combined amount of €29 million. The average maturity period for the financing is 12.5 years. Over the next few months, the company will secure another €13 million of financing, which it will use to make new acquisitions and invest in Capex for its existing properties.

Since this is the first loan that Silicius has signed, the company’s objective was to obtain financing conditions that “match” its long-term Business Plan and allow the payment of an annual dividend to its shareholders.

According to Juan Diaz de Bustamante, Director General of Silicius, “The company’s average indebtedness may not exceed 25-30% if we are to maintain the objective of paying a stable dividend to our shareholders”.

Silicius is governed by the following principles: conservative investments over the long term, the liquidity of our assets, the payment of an annual dividend and low indebtedness.

Currently, Silicius owns assets worth €120 million and its expected annual revenues amount to €6 million. Its assets all generate stable income over the long-term, with a combination of some of the investments held in value-added products.

The objective of Silicius is to make its debut on the stock market in 2018 with a value of between €250 million and €300 million through the incorporation of investor partners and real estate projects considered “suitable”. Once listed, the aim is to incorporate institutional shareholders to achieve the minimum objective of €400 million, the amount necessary to consider the Socimi’s shares liquid. The target investors are “family offices” and “institutional investors” looking to invest in exchange for an annual dividend payment and liquidity through listed shares.

Original story: Press release

Translation: Carmel Drake

The Race To Buy Hotels On The Costa del Sol Intensifies

29 August 2017 – Málaga Hoy

More than 20 hotels along the Costa del Sol and in Málaga have changed hands in just three years. The exceptional data in the tourist sector and the lack of interest in other assets have converted hotel investment into a highly disputed prize. At the beginning of August, Internos Global Investors, a real estate investment fund founded in 2008 by Jos Short and Andrew Thornton, two Brits with prior experience in the real estate sector in the USA, confirmed the purchase of Vincci Posada del Patio, a five-star property located in the centre of Málaga, for €26.7 million. This is just one example of a phenomenon that seems unstoppable right now.

In July, the Hotel Príncipe Sol de Torremolinos changed hands for the second time in two years. The Meliá group sold it in 2015 to the US investment fund Starwood Capital. That operation formed part of a global agreement comprising seven hotel complexes in Spain. Nevertheless, the US firm held onto the property for just 24 months and sold it in July to the British fund London Regional Properties.

At the beginning of the year, Hispania Activos Inmobiliarios (….) acquired its third hotel in the province: namely, the NH Málaga, a complex for which it disbursed €23 million with the commitment of undertaking an extension amounting to an additional €18 million. In 2015, it acquired Vincci Málaga (€20 million) and in 2014, it purchased the four-star Hotel Guadalmina from the Moroccan businessman Judas Azuelos in an operation estimated to be worth €21.5 million.

(…) One of the Hispania’s rivals in the hotel market is HI Partners, created by Banco Sabadell in 2015 (…). That entity currently owns more than 30 establishments, of which three are located in Málaga. In 2015, it purchased the Hotel Silken Puerta Málaga, which has been renamed Sercotel Málaga (…). In 2016, it acquired Incosol (…) and at the end of last year, it bought the four-star Hotel Málaga Palacio from the AC Group (…).

In addition, at the end of 2016, the French fund Foncière des Régions spent more than €500 million on 19 hotel establishments that Merlin Properties owned in Spain, including the Tryp Alameda in Málaga. That operation was signed almost at the same time as the arrival of Activum SG Capital (….), which acquired the Marqués de Sonora building located on Calle Granada from the Azucarera Larios company, which it plans to convert into a luxury hotel with 82 rooms.

Moreover, Mazabi, an investment fund that manages the wealth of eight Spanish families, acquired the former Hotel Senator de Estepona at the end of 2015 (…).

Plenty of other groups have also expressed their interest in joining the ever-expanding list of investors with properties along the Costa del Sol, including the Mallorcan entity Logitravel, the hotel group Palia and the Catalan firm Estival Group (…).

Original story: Málaga Hoy

Translation: Carmel Drake

Mazabi Prepares To Debut Its Socimi On Stock Market In 2018

12 June 2017 – Expansión

The family property management firm Mazabi is preparing to debut its Socimi – Silicius Inmuebles en Rentabilidad – on the stock market. It plans to list it on the stock exchange at some point next year, with a target valuation of €400 million.

The multifamily office, which was created in 2009 and which currently manages assets worth more than €1,000 million in 14 countries, wants its Socimi to be constituted as an ideal investment vehicle for families interested in obtaining returns from their assets and improving liquidity, as well as for institutional investors interested in obtaining a coupon from their investments.

Silicius was incorporated in 2015 and was registered under the Socimi framework last year. The company, promoted by El Arverjal – a family office owned by the Mencos family – and managed by Mazabi, will debut on the stock market before September 2018.

Currently, Silicius owns assets worth €90 million and generates revenues of around €5 million. It is finalising additional financing amounting to between €20 million and €30 million so that it can undertake new investments before the summer. In parallel, the group is negotiating the contribution to its fund of assets from other partners and the incorporation of investors who will contribute capital depending on the opportunities that are generated.

Incorporation

“The objective is to debut on the stock market with a value of between €200 million and €250 million next year and, once listed, incorporate an individual or institutional shareholder with a placement on the stock market to try and reach the target market capitalisation of €400 million”, explained the CEO of Mazabi, Juan Antonio Gutiérrez.

The Director said that the Socimi’s average debt will be in the order of 25%: “The objective is to pay a coupon and, for that, the level of debt has to be low”.

The company focuses its investments on assets worth between €5 million and €30 million and is currently analysing purchase opportunities amounting to €100 million. “We focus on the segment that private investors can’t afford, but which fall below the level of interest of the funds and large Socimis, which is where there are more opportunities and less competition”, explained Juan Díaz de Bustamente, CEO of the Socimi.

Currently, the firm’s portfolio includes a hotel in Conil (Cádiz), two office buildings in Madrid – one on Calle Obenque and another on Calle Virgen de los Peligros – and four retail assets – including a store leased to Cortefiel on Paseo de la Castellana, 18 (pictured above) and another set of premises leased to Vips on Calle Velázquez 136. It also owns a stake in Lazora.

The company is not going to limit its acquisitions to Spain and will analyse opportunities in the main European capitals. “Our investments have to fulfil three principles: diversification, liquidity and coupon”, they state. Specifically, the company is currently evaluating the possibility of completing an acquisition in Portugal.

The Directors explain that it would be reasonable for 20% of its assets to be located outside of Spain. “You lose the tax effect, but it allows you to diversify geographically”, they add.

Original story: Expansión (by Rebeca Arroyo)

Translation: Carmel Drake

Mazabi Invests €170M In Several Projects In Central Madrid

16 March 2017 – Mis Locales

Following its acquisition of Hotel Madrid and Teatro Albéniz for refurbishment, Mazabi has launched several other renovation projects in the area.

The first involves 3 residential buildings on Calle Los Madrazo. They are all classic buildings, constructed at the beginning of the 20th century, with protected façades and typical doorways. They house 25 homes in total, plus 4 retail premises measuring 1,600 m2 and a large, exclusive tertiary-use pavilion, located in the courtyard between the buildings. The buildings are situated in a very sought-after location in the centre of Madrid.

Meanwhile, Mazabi has also invested in two assets located close to La Plaza Mayor, where it will spend €50 million on the renovation and then put the properties up for long-term rent.

According to comments made by Juan Antonio Gutiérrez (CEO at Mazabi) “At Mazabi, we are continuing with our policy of combining business with aesthetics and traditional locations”. Hotel Madrid and Teatro Albéniz are clear examples, with the latter being declared a Property of Heritage Interest by the Community of Madrid. Mazabi is ensuring its survival and is thereby avoiding the loss of one of the most iconic spaces in the area.

The consideration paid was not disclosed, however, on the basis of market rental income that will be generated by these properties once the renovation work has been completed, they could be worth between €70 million and €80 million, according to one expert in the real estate sector.

Another one of Mazabi’s project involves a building in La Plaza Mayor in Madrid. There, it is going to refurbish the homes with the goal of long-term heritage. The existing tenant, so representative of the Plaza, will continue to occupy the building’s retail premises.

Moreover, in September, the firm is expected to start the refurbishment work at another of its projects, located on Calle Santa Catalina, 4, next to the Congress of Deputies, to reposition that asset in the market.

Mazabi closed 2016 with assets under management amounting to more than €1,050 million, with a presence in 14 countries and a team of 22 professionals located in Madrid, Bilbao, Barcelona and Marbella.

Currently, Mazabi has the “aim” of investing more than €300 million during 2017, focusing on these kinds of management projects, through investment vehicles with domestic and international partners. One of its projects includes a Socimi constituted through the contribution of long-term rental assets (retail premises, out-of-town retail stores, offices and hotels in Spain). The value of the assets in its current portfolios and the pipeline of expected purchases exceeds €100 million.

Original story: Mis Locales

Translation: Carmel Drake