Tag: new socimis

Sonae and Bankinter to Launch Second Socimi, This Time in Portugal

11 December 2019 – After the success of their jointly-controlled socimi in Spain, Sonae and Bankinter are planning on launching a new investment vehicle in Portugal in 2020. The new socimi will have an initial investment capacity of 100 million euros and will eventually seek a stock market listing in Portugal.

The new socimi reportedly will not focus on any single type of real estate asset. Instead, it will invest in a wide range of assets, from commercial real estate to offices, along with logistics assets and other investments.

The two firms’ socimi in Spain mainly invests in commercial real estate and is aimed at Bankinter’s private banking clients. Ores currently controls a portfolio 34 assets with a combined market value of over 357 million euros and an annual gross income of 21 million euros.

Original Story: Idealista – Custodio Pareja

Adaptation/Translation: Richard D. K. Turner

The Polanco Family to Structure New Socimi to Invest in Rental Properties

11 December 2019 – Qualitas Equity Partners, the Polanco family’s asset management firm, will begin investing in the acquisition and rental of residential properties through a new socimi.

Home Capital Rentals Socimi, which a subsidiary of Qualitas, Q-Prime, will look to develop and acquire urban real estate for use in the rental market. The socimi intends to focus on the prime and semi-prime residential market in Spain’s main cities.

Borja Pérez Arauna, a former director of Prisa, founding partner of Q-Prime and the vice president of the Timón Group, will lead the new firm.

Original Story: El Diário – Antonio M. Vélez

Adaptation/Translation: Richard D. K. Turner

Banca March & Crédit Agricole Create Adriano Care to Invest in Geriatric Homes

17 September 2019 – Banca March and Crédit Agricole have agreed to a joint venture, incorporating a socimi dubbed Adriano Care. The socimi, which will focus its investments in the growing market for residences for senior citizens, will have an investment capacity of about 250 million euros, according to market sources.

Private equity funds controlled by the two banks are funding the socimi, which Azora will manage. Adriano Care intends to acquire geriatric residences and other services for senior citizens.

The sector is currently in vogue, offering relatively high yields compared to other types of assets, such as offices while providing stable, long-term income flows.

Original Story: La Información – Lucía Gómez

Adaptation/Translation: Richard D. K. Turner

 

Renta Creates Linwork Properties Socimi to Invest in Logistics and Offices

29 June 2019

Linwork Properties, a newly incorporated socimi owned by the Renta Corporación, will focus its investments on the logistics and office sectors in Barcelona and ​​Madrid. The new socimi plans to invest a total of between 600 million and 1 billion euros. The firm is seeking a return of between 10% and 11% on equity of €300-500 million.

Linwork mandated the U.S. investment bank Btig to find 20 shareholders, giving Renta, the socimis sole manager, greater control over the vehicle.

Renta is also due to create another socimi, as yet unnamed, to invest in the hospitality sector. Linwork will buy assets located mainly on Mediterranean Spain, the Balearic Islands, the Canary Islands, Madrid and Barcelona.

Original Story: EjePrime – M.C.P.