Cerberus in Talks to Acquire Optimum Re Spain

20 August 2019

Cerberus is offering 14.05 euros per share for 92.88% of Optimum Re Spain’s share capital, valuing the socimi at a total of 70.25 million euros. The fund also agreed to acquire the final 7.12% at a future told, while also offering to take 100% right away, at the reduced price of 13.28 euros per share. Optimum Re Spain was trading at €13.30/share earlier this week.

The US fund is looking to boost its portfolio of residential rental properties. Optimum Re Spain has a portfolio of 16 residential rental buildings in Barcelona.

Original Story: Expansión – José Orihuel

Adaptation/Translation: Richard D. K. Turner

BMB Launches a Socimi to Invest €100M in Industrial Warehouses

16 October 2018 – Eje Prime

BMB Investment Management is betting on the tertiary sector. The fund manager is finalising the launch of a new Socimi to invest €100 million in the purchase of industrial warehouses.

After entering the residential market with two Socimis (Optimum Re Spain and Optimum III Value-Added Residential), the company led and chaired by Josep Borrell is now looking for higher returns with its latest firm, Optimum Rentals Socimi. This new investment vehicle will focus on the acquisition of assets that offer returns of between 6.5% and 10%, according to reports from Expansión.

The intention of BMB is that 80% of the budget will be allocated to the purchase of industrial warehouses, leased to solvent tenants and located in the industrial parks of Madrid and Barcelona.

Similarly, although Borrell rules out investing in logistics, he does not shy away from the idea that the fund may also take advantage of an opportunity or two in the residential sector or even in the hotel or retail markets.

Optimum Rentals Socimi is starting life with an initial budget of €100 million, of which €50 million will proceed from own funds and the remainder, from bank financing. Sources at the manager confirm that the plan is to maintain the fund in an independent way so that it will live off of its own income. Investors in BMB’s third Socimi are expected to include both institutional and real estate players, and the percentage of international capital is expected to be high.

Original story: Eje Prime

Translation: Carmel Drake

Optimum RE’s Share Price Rise By 10% In First Week On The MAB

7 October 2016 – La Vanguardia

The CEO of Optimum Re Spain, Josep Borrell Daniel, has positively assessed the debut of his Socimi on the Alternative Investment Market (MAB) and highlighted that its value on the stock market has increased by 10% in just a week.

Borrell was speaking at an event “Socimis: the road to a new real estate sector” organised by Garrigues, Gesvalt and Solventis in Barcelona.

He said that the value of Optimum Re Spain, a Socimi that specialises in the residential market in the centres of Barcelona and Madrid, has increased by 10% on the stock exchange in just a week, following its debut on the MAB.

Optimum RE Spain owns around 15 buildings in Barcelona and Madrid, with an average purchase price of €2,000/sqm and average rents of 4.5%, which will increase to 5% or 6% over the next few years.

Borrell highlighted that his objective is to significantly improve the quality of the buildings and increase their rents with the aim of divesting the assets within a period of seven years to obtain an “attractive return”. He acknowledged that those sales may happen “sooner or later” depending on the evolution of the market.

The fact that the Socimi has purchased at the low point of the cycle means the properties will generate significant returns and he hopes to be able to sell them for between €3,500/sqm and €4,000/sqm.

The Socimi has invested around €70 million to date and still has another €4 million or €5 million to spend.

Borrell said that he is considering constituting another Socimi, similar to Optimum RE Spain or a rental Socimi: “we have the capital, the problem is choosing the product”, he said.

Original story: La Vanguardia

Translation: Carmel Drake

The Socimi BMB Acquires 11 Buildings In Barcelona

25 April 2016 – Expansión

The real estate fund manager has already invested €48 million acquiring properties and expects to complete its Optimum Re Spain portfolio with new operations in the short term.

The real estate fund manager BMB Investments is accelerating its plans to create a portfolio of residential buildings in Barcelona and Madrid through Optimum Re Spain, the Socimi it has created recently.

Original story: Expansión (by J. Orihuel)

Translation: Carmel Drake

BMB Creates A Socimi In Spain Called ‘Optimum RE Spain’

6 March 2015 – Expansión

The fund manager BMB has created a Socimi called Optimum RE Spain, whose objective is the acquisition of residential properties in Madrid and Barcelona. BMB is well known in the market as it has created several investment funds in Berlin in recent years.

Original story: Expansión

Translation: Carmel Drake